ARTICLES OF ASSOCIATIONS

ARTICLES OF ASSOCIATIONS OF CONFEDERATION OF REAL ESTATE DEVELOPERS ASSOCIATIONS OF INDIA

1. These rules shall be called the Articles of Association of the Confederation of Real Estate Developers Associations of India. In these rules, unless the context otherwise requires, they shall mean and include all the rules of the confederation of Real Estate Developers Associations of India, hereunder set out or that may be framed, altered, substituted, modified or added in the manner hereinafter provided from time to time. In other cases Table C shall apply.

2. INTERPRETATION - In the interpretation of these rules unless there is anything repugnant or inconsistent with the subject or context.

  • The Confederation’ means the Confederation of Real Estate Developers Associations of India.

  • ‘Year’ means the financial year of the Confederation commencing on the first day of April of every year and ending on the Thirty first day of March of the subsequent year.

  • ‘The Constitution’ means the Memorandum of Association and Articles of Association and rules and regulations of the Confederation including Annexures and Schedules annexed to Rules and Regulations.

  • Member of Association’ shall mean ‘ Associations of Promoters & Builders and Real Estate Developers working at any place in India.

  • Words imparting ‘Masculine’ Gender and ‘Singular’ number shall respectively include, Feminine Gender and plural number and vice versa.

  • Office Bearers’ shall mean and CHAIRMAN, PRESIDENTS, VICE PRESIDENT/S, SECRETARY.IES, JOINT SECRETARY/IES, TREASURER/S of the Confederation.

3. The REGISTERED OFFICE of the Confederation shall be situated at MUMBAI in the state of Maharashtra.

4. TERRITORIAL LIMITS –Activities of the Confederation shall cover whole of India i.e. all Provincial States and Union Territories.

5. REGULATIONS FOR MANAGEMENT – The regulations for the management of the Confederation shall, subject to the provisions of the Companies Act, 1956 and any other law for the time being inforce and applicable, be such as are contained in these Rules and Regulations.

6. CLASSES OF MEMBERSHIP: There shall be following classes of membership viz.MEMBERS:

  • Any state level Association / Organisation of Promoters & Builders and Real Estate Developers representing a state in India.

  • Any Association / Organisation of Promoters & Builders / Real Estate Developers representing a city/town having population more than 20 lakhs as per the last declared Census results (AA city)

  • Any Association / Organisation of Promoters & Builders / Real Estate Developers representing a city/town having population less than 20 lakhs as per the last declared census results (A city)

  • Any new Association / Organisation recently formed of Promoters & Builders / Real Estate Developers for a maximum period of 1 year shall be made a member on concessional rates as stated below subject to making good the shortfall in the next year of the entrance fee and paying the annual subscription form the next year as per the category of the city.

  • Hereafter, there can only one association from any state or a city be a member of the CREDAI at any point in time.

  • Mumbai (MCHI) will be given the status of an independent state in addition to the FPBAM.

  • Entrance fee should be one time. If a member does not pay his annual subscription for some time, he has to pay only the arrears of subscription and not the entrance fee again unless it has been dismembered.

  • Eligibility for membership as above shall, subject to the provisions of rule 7 (mentioned hereinafter), send to the Confederation a written application a proforma prescribed by the Conference.

  • (The single Asterisk ‘*’ & double Asterisk ‘**’ denote City/Town having population more than 20 lakhs and less than 20 lakhs as per the last declared Census results, respectively.)

  • The Governing council board as per a resolution in the General Body Meeting is empowered to decide and prescribe / revise entrance fee and annual subscription.

  • For new members only one time entrance fees shall be charged as applicable in addition to a proportionate annual subscription rounded of to the nearest quarter will be charged upon acceptance of new membership by the Governing council board.

NOTE:

The aforementioned rates of subscription and entrance fees shall remain in force till varied by the General body which shall be competent to vary the rates of subscription and entrance fee from time to time by a resolution to that effect.

7. APPLICATION FOR MEMBERSHIP:

  • Association desirous of becoming a member of the Confederation shall send a written application to the Hon. Secretary requesting him to issue the Membership Application form as prescribed by the Confederation. The Hon. Secretary shall put the application before the Governing Council Board meeting immediately thereafter for its consideration. The Governing Council Board of the Confederation, which may in its absolute and uncontrolled discretion, either accept or reject the said application. The Committee shall not be bound to give any reasons for rejection of any such application. If the Governing Council Board approves the application, Hon. Secretary shall arrange to send a blank application form to the applicant on payment of form fee, if any, prescribed by the Governing Council Board. The decision of the Governing Council Board to provide Membership Application Form to the applicant shall in itself not mean that Governing Council Board has agreed to admit the applicant as member of the Confederation.

  • Thereafter the applicant may send the prescribed Application form duly filled in to the Hon. Secretary at the registered office of the Confederation.

  • The Secretary shall place such application before the Governing Council Board of the Confederation, which may in its absolute and uncontrolled discretion, either accept or reject the said application. The committee shall not be bound to give any reason for rejection of any such application. If the application is rejected, the Secretary will intimate the rejection to the concerned applicant and refund to the concerned the sum paid for the purpose to the Confederation.

  • If the Governing Council Board accepts the application, then the secretary shall notify the acceptance thereof to the applicant in writing. The Secretary shall also furnish the applicant with a copy of the Constitution of the Confederation. The date of enrollment of the member shall be the date on which the Governing Council Board accepts his application.

  • Once the membership is granted the member association on their letterhead and any other stationery will include under their association name a CREDAI logo and a line mentioning ‘ Member – CREDAI’

  • Merely payment of fees for a higher level does not qualify a city level association to be a state level association. The minimum consideration for being a state level association requires membership of at least two or more city level associations from that state.

  • There will be only one state or city level association from a particular state or a city.

8. ACCOUNTABILITY: Membership for all member associations shall be reviewed at the end of the year on the following grounds.

  • (a) Ability of extension into other cities with an endeavour to form a state level association for *AA and **A cities and for extension into smaller cities for an existing state level association.

  • (b) Performance related to adoption and enforcement of code of conduct.

  • The data for all the above considerations will be collated by the Honorary Secretary and will be submitted to the President for renewal of membership for the next financial year. Based on the performance criteria listed above & on the recommendation of Governing Council the President will authorize the Secretary to continue / invite the member association for membership in the next year.

  • Under extraordinary circumstances the Governing Council Board is authorized to disaffiliate the Managing Committee / Governing Board of member association after due authority by way of a resolution to that effect from the General Body of CREDAI if in the opinion of the CREDAI General Body Members are acting detrimental to the interests of CREDAI & the respective member associations.

9. MEMBERS AND ELIGIBILITY FOR VOTING

  • Subscription for every financial year shall be paid in advance directly at the registered office of the Confederation.

  • The Secretary shall prepare the list of Members, eligible to vote before 3 months of the actual date of voting and publish the same on the notice board of the registered office.

  • Members will be eligible to vote only if they have paid their respective annual subscription. If their subscription is in arrears, they will not be entitled to take part in any meeting of any body functioning under the Confederation or exercise any right to vote. Each member shall have one vote only.

  • Election of Office bearers of the Confederation for each financial year shall be as far as possible concluded by the end of 31st January preceding the commencement of each year. The accounts of each year shall be made up and audited as far as possible before the end of June, every year. And the newly elected Governing Council Board will assume office at the commencement of every financial year. The Annual General meeting will be held once a year in the second half of the year in any case before 31st October every year so that the accounts can be finalized.

10. CANCELLATION OF MEMBERSHIP

  • Resignation of Membership: A member wishing to resign shall send his letter of resignation at least two months before the expiry of the Official year. In the absence of such intimation, such a member shall have to pay membership fee even for the following year.

  • Disqualification: If a member fails to pay membership fee within three months from the date it becomes due, the Governing Council Board may remove the member’s name from the membership register.

  • Ceasing of membership: An Association Member shall cease to be a Member when: -

    i) In case of a City/ Town Level Association joining a State Level Association, the City Level Association ceases to be a member of the Confederation if the State level Associations is a member of the Confederation.

    ii) The member Association fails to pay the fee of membership within a period of 12 months from the due date.

    iii) It is disqualified as per Rule 9.b above

    iv) Its resignation is accepted.

  • It is debarred by the two-third majority of the General body for such action on the part of the Member which is considered to be derogatory in the interest of the Confederation or which is harmful to and defames the prestige and image of the Confederation.

  • In case the association fails the accountability standards as mentioned in Clause no. 8 hereinabove then the membership stands cancelled Before canceling membership a notice has to be issued by the Hon. Secretary to such member association as per the General Body resolution and explanation sought on reasons of disqualification.

11. RIGHTS AND PRIVILEGES OF MEMBERS

  • To vote at the ordinary or extra-ordinary meetings of the Confederation through its nominee/s.

  • To vote at the election of the Members of the Governing Council Board through its nominee/s.

  • To offer its member to contest as a candidate at the elections referred to above.

  • To seek information connected with the development of the trade, industry and profession of building construction work and real estate development.

NOTE: Rights as per (b) and (c) above are subject to the provisions of Rules of Election approved by the Governing Council Board.

12. A) GENERAL BODY OF THE CONFEDERATION

All members of the Confederation shall constitute the General Body of the Confederation.

i) They shall be represented in the General Body by representative Nominee members as follows

  • Member State level Federation / organization having city/town level Associations as members shall be represented in the confederation by 4 representatives / nominee members.

  • Member City / Town Level Association representing a city / town having population more than 20 lakhs (i.e. “AA” city) as per the declared results of Last Census shall be represented by 2 representative / nominee members.

  • Member City / Town Level Association representing a city / town having a population less than 20 lakhs (i.e. “A” city) as per the declared results of last census shall be represented by 1 representative / nominee member.

NOTE – Nominee of the member association of the confederation shall be the first representative of the Member Association.

ii) The President of the Confederation can co-opt not more than three Members from / amongst, any members of Member Association. He can designate such members as Hon. Secretary, Joint Secretary and Treasurer.

iii) All the representative members under Clause a, b, c of I) above shall be nominated by the managing committee / Executive Council Governing Body of the respective member Confederation only.

iv) Only nominee member of the respective Association shall have the right to cast votes on behalf of his confederation.

v) Voting right of each member association shall be equal to number of seats held by it on the General Body.

B) POWERS OF GENERAL BODY

The powers regarding framing of policies, considering issues of importance connected or touching the problems of construction and real estate development trade, industry and profession and such other matters of general nature and of vital interest shall vest in the General Body. The General Body shall meet at least once a year and this meeting shall be held as the Annual General Meeting of the Confederation. Such meeting shall be held not later than 6 months after the date of expiry of the official year. The President of the confederation and in his absence any of the Vice President senior among themselves and in the absence of all of them, any member of the General Body or the Governing Council Board elected by the meeting shall preside over the General Body Meetings. The president shall adjourn the meeting if the majority of the member’s attending it so requires him to do so on vote.

13. BUSINESS TO BE TRANSACTED AT ANNUAL GENERAL MEETING:

The annual General Meeting of the Confederation shall inter alia transact the following business:

  • To confirm the minutes of last Annual General Meeting.

  • To note the result of the elections of the members of the Governing Council Board and of office bearers.

  • To consider and adopt the Annual Report and Audited Statement of Accounts of Income and Expenditure for the preceding financial year.

  • To appoint auditors to audit accounts of the Confederation and fix their remuneration.

  • To transact any business as may be on the agenda of the meeting with the permission of the President. The annual General Meeting will not transact any business other than indicated on the agenda in the notice convening the meeting.

14. NOTICE OF GENERAL MEETING:

At least 21 days before the annual General Meeting, a notice of such meeting accompanied by a copy of the Annual Report and of the Audited Statement of Accounts shall be sent to every member to his last known address. Non-receipt of such a notice by any member shall not invalidate the proceedings of such meetings.

15. EXTRA-ORDINARY GENERAL MEETING:

  • The Honorary Secretary or the Secretary under the instructions of the. Governing Council Board or the President shall call a Special General Meeting of the Confederation on giving 14 days notice in advance to all the members of the Confederation to that effect.

  • An Extra-ordinary General Meeting of the Confederation shall be convened by the President on a requisition addressed to the President and signed by not less than one third of the total membership of the confederation and such a meeting will be called in any case not later than 60 days from the date of receipt of such requisition by the President.

  • Such Extra-ordinary General Meeting convened as aforesaid shall have the same powers and businesses as are provided to the usual Annual General Meetings.

16. QUORUM FOR GENERAL MEETING:

At all General Meetings of the Confederation, 40% of the total eligible members of the Confederation shall form a quorum. If at the expiration of thirty minutes from the time appointed for the meeting there is no quorum, the meeting, if convened on the requisition of the members, shall be dissolved. In any other case, it shall stand adjourned to such date, time and place as the members present may determine. If at such adjourned meeting, there is no quorum, the members present irrespective of their number, shall have power to decide upon all items on the Agenda of the meeting from which the adjournment took place. The adjourned meeting shall not consider and vote upon any matter, which is not on the Agenda of the meeting.

17. PROCEEDINGS OF MEETINGS:

All proposals at any meeting of the Confederation shall be duly proposed and seconded and decided according to votes. The voting shall be either by poll, by ballot or by show of hands as may be decided by the Chairman or by one third member present at the meeting, who shall have the power to demand poll on any resolution before it is disposed off.

  • Financial/Constitutional matters may require 2/3 majority including amendments and other administrative matters simple majority.

18. GOVERNING COUNCIL BOARD AND ITS OFFICE BEARERS:

  • Governing Council Board shall consist of elected members & co-opted members (not exceeding three in numbers) and Presidents of all Member Associations.

  • Office Bearers: Following shall be the office-bearers of the Governing Council Board and shall retire every two years at the Annual General Meeting of the succeeding year of their tenure. However, the retiring President shall function as President till the first meeting of the newly elected Governing Council Board in which new President for the ensuing term will be elected.

  • Chairman – One

  • President – One

  • Vice- Presidents – Five

  • Hon. Secretary – One

  • Jt. Secretary – One

  • Hon. Treasurer – One

Nominee(s) as referred to in II A I) above of Member Associations will also be members of the Governing Council Board.

All the above Office-Bearers except 4, 5 & 6 shall be elected out of the representative members of the General Body for the relevant terms and by their majority of votes.

The Governing Council may at the recommendation of the President co-opt upto a maximum of 10 members to the Governing Council.

The Governing Council Member need not be a member of CREDAI member association but could be nominated by the President based on his view on the utility of that nominee for the furtherance of the goals of CREDAI. However all such nominees who are not members of CREDAI/Member Association have only non voting rights to any resolutions/election.

19. ELECTION OF GOVERNING COUNCIL BOARD:

The machinery for election of the Governing Council Board for the ensuing two years however will be set in motion immediately after the end of last financial year, within a fortnight of the commencement of every financial year. The secretary of the confederation by a circular will invite nominations in a prescribed form from members of the General body for election to the office of President and five Vice – Presidents. The circular shall state the date on or before which the nominations must be received at the Headquarters. The secretary of the confederation then shall prepare a list of nominations received for the offices of the President,Vice- Presidents and circulate the said list of nominations by post to Presidents of member Associations of the General body and will intimate the final date fixed for the voting. The mode of voting shall be by secret ballot.

20. FUNCTIONS OF THE GOVERNING COUNCIL BOARD:

Subject to the superintendence and control of the General body, the Governing Council Board of the Confederation shall be the Governing Body of the Confederation, which may exercise all such powers and do all such acts and things as the Confederation is by Statute or by its Memorandum of Association or by Rules and Regulations or otherwise Authorized to exercise and do, through its office bearers.

21. POWERS AND DUTIES OF THE GOVERNING COUNCIL BOARD:

In furtherance of and without prejudice to the general powers and duties conferred in the last preceding Rule, the Governing Council Board shall be entrusted with and may exercise the following powers and duties.

  • To appoint, relieve, retire and dismiss any officers and employees and to fix their wages or remuneration.

  • To provide a Seat for the purpose of the Confederation and affix it to any deeds or other documents that shall be signed by two members of the Governing Council Board, in whose presence the seal is affixed. Further to provide proper custody of the seal.

  • From time to time to make, alter and repeal bylaws, not inconsistent with the Memorandum of Association or those rules and regulations as the Governing Council Board may deem expedient or convenient and reasonable for the proper conduct, management and control of the Confederation.

  • To write off in the accounts of the Confederation such sums as they may deem expedient in respect of bad and doubtful debts or other wise.

  • To purchase or otherwise acquire for the Confederation any property rights or privileges at such price in general on such terms and conditions as they shall think fit.

  • To borrow or to raise money which may be required for the purpose of the confederation upon bonds, debentures, bills of exchange, promissory notes or other obligations or securities of the Confederation or by the Mortgage charge of an on the property of the Confederation.

  • At their discretion to pay for any property rights or privileges acquired by or service rendered to the Confederation in cash.

  • To secure the fulfillment of any contract arrangements entered into by the Confederation by mortgages or charges of all or any of the property of the Confederation or in such other manner as they may think fit.

  • To appoint any person or persons whether incorporated or not, to accept and hold in trust for the Confederation any belonging to the Confederation in which it is interested, or for any other purposes and to execute and do all such deeds and things as may be requisite in relation to any such trust and to provide for the remuneration of trustee or trustees.

  • To invest and deal with moneys of the Confederation not immediately required for the purposes thereof upon such securities and such manner as they may think fit and from time to time to vary and realize such investments.

  • To decide the percentage of distribution of the annual profits, if any between Reserve Fund and General Fund.

  • To enter into all such negotiations and contracts and vary all such contracts and resume and execute and do all such acts, deeds and things in the name and on behalf of the Confederation as they may consider expedient for and in relation to any of the matters aforesaid or otherwise for the purposes of the Confederation.

  • To determine who shall be entitled t sign on behalf of the Confederation bills, notes, receipts, acceptances, endorsement, cheques, releases, contracts and documents.

  • At any time and from time to time by Power of Attorney under the Seal to appoint any person to be the Attorney of the Confederation for such purposes and with such powers, authorities and discretions not exceeding those vested in or exercisable by the Governing Council Board under these presents and for such period and subject to such conditions as the Governing Council Board may from time to time think fit and to authorize any such attorney to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him.

22. MEETINGS OF THE GOVERNING COUNCIL BOARD:

  • One third of the total strength of the Board shall form a quorum for a meeting of the Governing Council Board. If there is no quorum present within 15 minutes, the meeting will be adjourned for half an hour, thereafter at the adjourned meeting, the members present shall form Quorum and shall have power to decide the items of Agenda. The adjourned meeting can decide the portion of main agenda that has to be taken for discussion. No new agenda can be tabled.

  • At least fourteen days before the Governing Council Board meeting a notice of such meeting shall be sent to every member of the Governing Council Board.

  • The Governing Council Board shall meet normally at the interval of three months but not less than once in every six months.

  • The Chairman shall preside over all the meetings of the General Body and Governing Council. In the absence of the Chairman, at any meeting, President or in his absence one of the members present at the meeting shall be elected to preside over the meeting by the members present.

  • The Governing Council Board shall be empowered to appoint sub committee/s for any special purpose/s within the limit of and as enumerated in the objects of the Confederation and such sub-committee/s shall have power to co-operate as members persons like qualified architects, lawyers, chartered accountants and others as the sub-committee may deem fit even if they are not members of the confederation.

  • The Governing Council Board shall have the power to raise and collect and spend such sums for any activity or function of the Confederation the committee may think fit or proper having regard to the activities of the Confederation within the limit of and as enumerated in the objects of the Confederation. But in no case shall such expenses exceed at a time 25 percent of the total yearly subscriptions, sanction of the General body will be essential as a condition precedent.

  • The Governing Council Board shall have the power to print, publish, issue and circulate periodicals; journals, papers, books, circulars and literature of the Confederation and to provide or spend such sums as may be necessary for and incidental to the same.

  • If any member of the Governing Council Board absents himself from three consecutive meetings of the Governing Council Board without the permission of the President, the Governing Council Board may remove such a member from the membership of the Governing Council Board. Any relief or re-admission can be considered.

  • If any vacancy is created in the Governing Council Board due to death or resignation of the person, then President or in his absence Vice Presidents senior amongst themselves shall co-opt a new person amongst the representatives of member associations on the Governing Council Board. If vacancy is created incase of an elected member (5 Vice Presidents & 1 President) then reelection will be held in an extraordinary General Body meeting within 3 months thereafter. In the intervening period the Chairman can nominate one of the Vice-President to conduct his responsibilities. If vacancy on account of President / nominee of member association then another nominee will be required to be included as a Governing Council member.

  • The Governing Council Board shall have the power to pass any resolution pertaining to administrative / day-to-day matter as per their opinion, as resolution by circulation. The proposal shall be circulated along with necessary documents thereto to every eligible member of the Governing Council Board. The Governing Council board meeting has to be held twice every year one in the first half of the year and the next in the second half of the year. These two mandatory meetings will be in addition to the mandatory annual general meeting.

23. ELECTION OF OFFICE BEARERS OF THE CONFEDERATION:

The members of the General body shall elect for the Office-Bearers of the Confederation every two years.

The respective member associations shall nominate the candidate/s for election of the post of office bearers. Elections will be held for the posts of Presidents and 5 Vice-Presidents only. The president so elected shall nominate the Hon. Secretary, Jt. Secretary & Treasurer.

The President & 5 Vice Presidents shall elect a Chairman by consensus. In the event of a tie, the President shall have a casting vote

24. QUALIFICATION OF THE OFFICE BEARERS:

  • Persons should be engaged in actual trade or profession as a builder or real estate developer.

  • Should be of the age of 25 years and above.

  • Must be a member in any member association.

25. OFFICE BEARERS:

  • The Chairman, the President and the Hon. General Secretary shall be ex-officio members of all sub-committees. The President shall function as the Chief Executive Officer of the Confederation. The Chairman shall chair the Governing Council Board meetings and all General body meetings.

  • At any meeting of the Confederation such as General Body or the Governing Council Board or any sub- committee, the Chairman of the meeting as the case may be shall have second or casting vote in case of a tie.

  • The Secretary shall have the custody of all records, Seal and other property of the Confederation.

  • Secretary shall issue notice of all the meetings of the Confederation and of the General body and of Governing Council Board and of sub-committees and shall keep a record of the proceedings of all meetings of the Confederation and attend to all correspondence under the supervision of the Governing Council Board.

  • The assignments of the secretary shall be distributed as per convenience between Secretary & Joint Secretary.

  • Treasurer shall collect or cause to be collected entrance or admission fee and all fees and other moneys payable to the Confederation and keep an account thereof and prepare half yearly and annual statements of accounts consisting of receipts and payments as may from time to time be required by Governing Council Board or the General body.

26. POWER TO REMOVE OFFICE BEARERS:

Any member of the Governing Council Board, any office bearer or any member of the executive committee except those elected members like the President and the five vice presidents maybe removed by a vote in a Governing Council Board meeting with a minimum of 2/3rd majority. The elected members i.e. President and five vice presidents maybe removed by simple majority at the Annual General meeting or Extraordinary General meeting of the Confederation. Any member who in the opinion of the Governing Council Board is inactive or is working against the interests of the association maybe removed. The President through the honorary secretary will serve notice to the concerned members and the notice will have to be replied to within a period of 15 days.

27. EXECUTIVE COMMITTEE:

The president may at his option have an executive committee to carry out a day-to-day working and will report to the Governing Council board. The executive committee will also meet a minimum of two times in a year in the first and second half of the year respectively. The Executive committee shall consist of the ten office bearers plus four members. The four members may or may not be a part of the Governing Council Board and could be nominees from outside. Each of these executive committee members shall be assigned various portfolios such as Image building & PR, Legal issues, National Conventions & conferences, Govt. representations, exhibitions and road shows, sponsorship and fund raising etc. as per the exigencies of the situation. The decisions of the executive committee meeting will be put up for rectification/adoption by the Governing Council Board (with or without amendments).

28. QUALIFICATIONS FOR MEMBERS OF THE GENERAL BODY AND OF THE GOVERNING COUNCIL BOARD:

  • No representative member shall be eligible to be a member either of the General Body or of the Governing Council Board unless the member association / Federation which he represents shall have paid all subscriptions and other dues on any account to the Confederation.

  • Any member fulfilling the requisites, hereinabove mentioned, will be entitled to contest any election.

    I) Prior to holding of election of any kind, either of the General body, or of the Governing Council Board, the President shall appoint not less than two persons other than those directly interested in the election as scrutineers. The scrutineers so appointed shall reject such of the voting papers as are not valid and count the valid votes and draw up their report and submit the same to the President.

    II) In the event of a tie, occurring between two or more candidates by their securing an equal number of votes, lot will be drawn up by the scrutineers and report to the President to declare the successful candidate. Chairman for the meeting should have the casting vote.

  • Secretary or in his absence any other person nominated by the Governing Council Board shall act as the Returning Officer for the purpose of all elections under the Confederation.

29. MINUTES OF MEETINGS:

The Minutes of the proceedings of the meetings of the General body or the Governing Council Board shall be recorded in separate books and shall be made available by the person or persons in charge of such books to any member of the Confederation if so needed after giving at least ten days notice in writing to the Secretary of his intention to inspect the same. Minutes of the AGM to be circulated within one month from the date of the Agenda.

30. AUDIT:

The accounts of the Confederation shall be audited by the Auditor on remuneration as may be decided by the general body in their meeting. The auditors report shall be first kept before the Governing Council Board in its meeting and thereafter it shall be produced before the General body at its appropriate meeting.

31. FUNDS:

Funds of the Confederation shall consist of: I) Reserve Fund & II) General Fund

I) RESERVE FUND:

i) This fund shall consist of the accumulations of entrance fees received from members which shall be kept invested in promissory notes, debentures, stock and other securities of any State Government and/or the Central Government and/or in fixed deposit with the State Bank of India or any Nationalised bank or Banks or Co-operative Banks or Financial Institutions operating in India and/or purchase of immovable property fixed assets for the purpose of the Confederation. The interest accruing on the investment made out of the RESERVE FUND may be transferred to General Fund but subject to a limit upto maximum of 50% of the total interest for a financial year.

ii) The Governing Council Board or any two of its duly authorized members shall manage the Reserve fund.

II) GENERAL FUND:

i) The General Fund shall consist of Annual Subscription of members of the Confederation, subject to provisions of Rule 28A(i) interest on/ income from investments made out of Reserve Fund, interest on / income from investments made, if any out of General Fund and other Moneys and Donations received by the Confederation.

ii) A current account (comprising of General Fund) shall be opened in the name of the Confederation of Real Estate Developers Associations of India with any of the Nationalised banks or Co-operative Bank or Banks to be approved by the Governing Council Board and to be operated by any 2 out of members of Governing Council Board authorized by the Governing Council Board to operate the account provided the President and Hon. Treasurer shall always be the two members authorized in this regard.

32. SOURCES OF FUNDS OF THE CONFEDERATION:

The funds of the Confederation may be raised by:

  • Loans (with or without interest)

  • Deposits

  • Donations

  • Subsidies

  • Grants

  • Membership Subscriptions

  • Contributions

  • Any other legitimate source approved by the Governing Council Board.

Deposits and loans may be received from members and non-members such as Banks, Companies, Associations, Central or State Governments, Local bodies, Corporations and from such other agencies and individuals at any time for such period and at such rate of interest and upto such an amount as may be determined by the General Body from time to time.

33. IMMOVABLE PROPERTY:

Immovable property – All assets comprising immovable property of the Confederation, if any, shall vest in the Confederation of Real estate Developers Associations of India provided, however that the Governing Council Board shall have no power whatsoever to sell, alienate, transfer, pledge, mortgage, charge or dispose off or deal with all or any of the immovable property without a specific sanction by a resolution of the General body and provided that such resolution shall be passed by 2/3 of the members present at the meeting of which 21 days notice shall be given to all eligible members

34. AMENDMENT TO THE CONSTITUTION:

The Constitution including the Rules and Regulations of the Confederation may be amended by 2/3rd members of the Confederation present in a General meeting or Special General Meeting of the Confederation of which due 21 days notice is given to members.

35. CESSATION OF THE CONFEDERATION:

If in the opinion of the General body and the Governing Council Board at any time, it may be found essential or necessary to close the Confederation, a special General Meeting of the Confederation shall be convened for the purpose. No action shall be taken in this meeting on this subject unless three fourths of the total members of the Confederation are present and two-third majority obtains vote for the Resolution. In the same meeting or at any subsequent adjourned meeting, the necessary resolution shall be passed on the disposal of the assets and liabilities of the Confederation in such a manner as may be decided upon by majority.

For any reason whatsoever, if the activities of the Confederation come to a stand still or are to be wound up, the General body or the Governing Council Board as the case may be, may recommend by a resolution to the General body, which in its turn in a meeting specially convened for the purpose resolve by not less than three-fourth majority of the total membership to dissolve the confederation by giving 30 days written notice of the meeting in advance to all the members concerned with specific instructions of the purpose therefore.

On dissolution of the Confederation if after satisfaction of all its debts and liabilities there remains any property or properties (movable and immovable) whatsoever not impressed / with any Trust or Trusts agreed between the Confederation and the donor or donors, the same shall not be paid or distributed amongst the members of the Confederation or any of them, but shall be given to some similar Association or institution working for the same or similar objects as those of the Confederation to be determined by the special meeting of the General body by votes not less than 2/3rd of the members present at the meeting or in default thereof by the Principal Court of original jurisdiction of the District or the Presidency in which the registered office of the Confederation situates

36. MAINTAINING OF OFFICE & WORKING HOURS

The Hon. Secretary of the Confederation shall maintain the office of the Confederation. It shall remain open on all working days during business hours except on Sundays and on public holidays, provided, however that the President/ Hon. Secretary shall have the right to keep the office open for special functions or for meetings even on Sundays and Holidays.

37. ACCOUNTING YEAR:

The Accounting year of the Confederation shall be the year ending 31st March each year. At the end of the accounting year, statement of accounts shall be prepared and shall be duly audited by a qualified Chartered Accountant.

38. ADDITIONS AND ALTERATIONS:

The Governing Body is hereby authorized to amend, alter, add to or delete any of the provisions subject to special a resolution and the said amendment shall be effective from the date of passing the said resolution. In case of any amendment to the Name of the Confederation or Memorandum of Association, the same shall be effective by passing a resolution in the Annual General Meeting convened for that purpose.

39. POWER TO REMOVE DIFFICULTY, DOUBT AND/OR INCONSISTENCY AND/OR OMISSION IN RULES AND REGULATIONS OF THE CONFEDERATION:

If any difficulty or any doubt arises in giving effect to any Rule and / or Regulation or if there is any omission in the Rules and Regulations, the Governing Council Board is hereby empowered and authorized to resolve such difficulty and/or doubt and/or conflict and/or inconsistency and/or supplement such omission and the decision of the Governing Council Board on the issue shall be binding on the Confederation and will not be or liable to be questioned by the Confederation or any member of the Confederation.

We, the first Governing Body Members, hereby certify that this is the true copy of the Rules and Regulations of “ The Confederation of Real Estate Developers Associations of India.”

40. MEMBERSHIP REGISTER:

The organization shall maintain a Register of Members and shall also maintain a list of members

41. SEAL:

The Seal of the Confederation shall be prepared for the purpose of the Confederation and it shall not be used or affixed to any instrument except by the authority or resolution of the Governing Council Board and in the presence of any two of the office bearers.

42. INDEMNITY:

All acts done by the members of the Governing Council Board in good faith shall not be invalidated. The office bearers, member of the Governing Council Board and the employees of the Confederation and the auditors of the Confederation shall be indemnified out of the funds of the Confederation against all claims, liability, losses, costs, charges and expenses that may at any time be made against or incurred by them in discharge of the duties or in the conduct of the Confederation’s activities except such as are incurred by their own willful neglect or default.

We the first Governing Council Board, hereby certify that this is the true copy of the Rules and Regulations of the Confederation of Real Estate Developers Associations of India.

Serial Number Name Designation

1. Mr. Gopal L. Raheja Chairman
2. Mr. Kumar P. Gera President
3. Mr. Sushil Ansal Vice-President
4. Mr. Ramani Sastri Vice-President
5. Mr. Shekar Reddy Vice-President
6. Mr. Madhu Mohanty Vice-President
7. Mr. Suhas Merchant Hon. Secretary
8. Mr. Mohan Deshmukh Jt. Hon. Secretary
9. Mr. Lalit Kumar Jain Treasurer

CONSTITUENTS OF THE GOVERNING COUNCIL BOARD OF CREDAI

CHAIRMAN - (ONE) To be elected for 2 years.

PRESIDENT - (ONE) To be elected by General body for 2 years.

VICE PRESIDENTS - (FIVE) To be elected by General body for 2 years.

HON. SECRETARY - (ONE) for 2 years

HON. TREASURER - (ONE) for 2 years.

JOINT SECRETARY - (ONE) for 2 years.

MEMBERS - Nominee of all Member Associations.

NOMINEE MEMBERS - Upto 10 co-opted members

We, the several persons, whose names, descriptions, addresses, and occupations are subscribed below, are desirous of forming ourselves into a Confederation, in pursuance of these Articles of Association: -

Names, Address, Description and Occupation of Subscribers Signature of Subscriber Signature, Address, Description and Occupation of Witness
Mr. Mohan DeshmukhS/o Mr. Marutirao Deshmukh7, Happy Home Co-op Hsg. SocietyNehru RoadVile Parle (East)Mumbai – 400 057.
Business Sd/- Mr. Ashok Rajaram Tawde S/o Rajaram L. TawdeB/6, Bank of IndiaAmrut Tara Co-op Hsg. SocietyYari Road, VersovaMumbai –400 061.
Service. Sd/-
Mr. Rajni AjmeraS/o Shamalji AjmeraB/6, Pramukh PalaceKapole Co-op Hsg. Soc.
Vile Parle (West)Mumbai – 400 049.
Business Sd/-
Mr. Pramod Madhukar Kale S/o Madhukar Sridhar Kale15, Vijayshree Durga Soc.6th Road, Santacruz (E) Mumbai –400 055.
Service Sd/-
Mr. Gopal L. Raheja S/o Late Lachmandas S. RahejaRaheja HouseAuxillium Convent RoadPali Hill, Bandra (West)Mumbai – 400 050.
Business Sd/-
Mr. Vijay Pitamber Lulla S/o Pitamber Lulla201, Satchitanand Bldg.12th Road, Khar (W) Mumbai – 400 052.
C.A Sd/-
Mr. Kumar P. GeraS/o Pritamdas T. Gera200, Gera PlazaBoat Club RoadPune – 411 001.
Business Sd/-
Mr. Chandrasekhar Joglekar S/o Gopal K. JoglekarB/8, 24, Mahindra NagarMalad (E) Mumbai – 400 097.
Service Sd/-
Mr. Jitendra M. Thakker S/o Mr. Manohardas ThakkerThakker BungalowThakker NagarNashik – 422 002.
Business Sd/-
Mr. Sanjay P. Shetye S/o Pandurang R. Shetye B-502 Regent, Deshmukh Residency Shiv Vallabh Road Opp. Ashokvan,
Borivali (E) Mumbai – 400 068.
Service Sd/-
Mr. Suhas Merchant S/o Mr. Ratilal Merchant1133, Shivajinagar Pune – 411 016.
Business Sd/- Mr. Ganesh A. Tawde S/o Mr. Achyut B. Tawde A/10
Ramdarshan Co-op Hsg. Society Ltd.Opp. Godrej Showroom Manpada Road
Dombivili (E) Dist. – Thane.
Service. Sd/-
Mr. Lalit K. Jain S/o Keshrimalji H.Oswal 2413, East StreetPune – 411 001.Business.
Sd/- Mr. Anil Prabhakar Mohite S/o Prabhakar Mohite101/D Rajshree Co-op Hsg. Soc.Sahar Road, Deolwadi Mumbai – 400 099.
Service Sd/-

Dated this 10th day of September, 1999.
Place: Mumbai.