Our co.op.hsg.soc. in Mumbai needs to get a lift replaced. Where should we be using the funds for this purpose? Would it be from the reserve fund or only by making the members contribute towards this? Please advise.
Answered on November 08, 2017
Since it is a major repair fund, sinking fund can be utilized for the same. Deficit, if any can be fulfilled by utilizing reserve funds and/ or asking members to contribute for the same
