• Co-operative society

There are two phase build  by builder. Builder has completed the one year tenuer for maintainance and handover the documents to phase I society, which is already established six years back. now we  phase II flat owners will be merged into existing society. since the eage diffreence of both the pahse are difference, phase II flat owners are having concern about the expences for phase I maintainance.  now we phase II flat owners want to amke a seperate account for phase II, where we can maintain our maintaince fees and expences. for common ammenities we can collect amount on mutul understanding .
whether there is any hurdle to have two accounts in single society.
Asked 7 months ago in Business Law from Pune, Maharashtra
1)you should request builder to form separate society for phase 2 residents 

2) separate conveyance can be executed for separate society 

3) if builder is not agreeable and insists on one society flat owners should be willing to maintain separate accounts for 2 phases 

4) you can maintain separate accounts 
Ajay Sethi
Advocate, Mumbai
23294 Answers
1220 Consultations
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By way of a resolution passed by all the members of the phase II a separate bank account may be opened for that phase. There is no legal bar to having separate bank accounts for different phases in a society. 
Ashish Davessar
Advocate, Jaipur
18162 Answers
449 Consultations
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1) call extra ordinary general meeting of all flat owners of the 2 phases .

2) resolution has to be passed for opening separate account 

3) based on certified copy of resolution approach the bank for opening separate bank account . 


4) you can apply to and obtain consent of the Registrar cooperative societies in this regard 
Ajay Sethi
Advocate, Mumbai
23294 Answers
1220 Consultations
5.0 on 5.0
now we phase II flat owners want to amke a seperate account for phase II, where we can maintain our maintaince fees and expences. for common ammenities we can collect amount on mutul understanding .
whether there is any hurdle to have two accounts in single socie

There cannot be two accounts running parallel for a single body that too on the same lines. 
Instead let the phase-II members plan to have their own society by themselves without combining themselves with phase-I, if there are proper demarcations to the common areas and other amenities between both the phases
T Kalaiselvan
Advocate, Vellore
14069 Answers
127 Consultations
5.0 on 5.0
before geting merged into the existing society, we phase II flat owners want to open second account, hence our maintance collection can be deposited in new account. is it possible to ask for new account, before we start merged in or to get share certificate. what is the procedure to open second account. phase II is agreed to have singnature authority of existing commetee.so what is the procedure to open second accout in existing society for phase II maintanance collection.

A second account to run parallel to the original account may not be recognised in law, so instead of merging with each other, it may be decided among the new unit members to have their own society with their own functionaries. You all can gather and discuss the feasibility and other provisions in this regard, if need be, private consultation with a reputed advocate may be had for processing it.  
T Kalaiselvan
Advocate, Vellore
14069 Answers
127 Consultations
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it would be better for you to separate your account and file a case before the society registrar for cancellation of merger. 
Shivendra Pratap Singh
Advocate, Lucknow
2752 Answers
41 Consultations
4.9 on 5.0
you can call an extra ordinary general meeting and pass a resolution towards separation of society and account. produce this resolution before the registrar for consider it in deciding your case. 
Shivendra Pratap Singh
Advocate, Lucknow
2752 Answers
41 Consultations
4.9 on 5.0

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