25, డిసెంబర్ 2014, గురువారం

            20-12-2014 రోజున  జరిగిన మీటింగ్ లో నిర్ణయించిన కొన్ని ముఖ్యవిశయాలు                                       


1) ఎవరి వాటర్ మీటర్ రీడిoగ్స్ వారే  తీసుకొని కమిటీకి అందచేయవలెను . కమిటీ  కూడా  ప్రతి నెలా ఒకటవ తేదీన ఉదయం 7 గంటలకు తీసుకోవటం జరుగుతుంది .వాటి ఆదారంగా బిల్లు పంపిణీ  చెయ్యటం త్వరలో జరుగుతుంది.

2) పెంట్ హౌస్ మెయిన్ టనెన్స్  అంటే కార్పస్  ఫండ్ కు వచ్చే 4000 రూపాయలను అద్దెను maintenance లో కలుపుటకు (3 నెలలు వరకు)   మీటింగ్ కు వచ్చిన అందరూ అంగికరించటం జరిగింది.(ఇందువల్ల ప్రతి ఫ్లాట్ ఓనర్  కార్పస్  ఫండ్ నుండి  మెయిన్ టనెన్స్ ఫండ్ కు 300 రూపాయలు వెళుతుందని  గుర్తించవలెను )

3) వాటర్  మీటర్స్ ద్వారా బిల్లులు ఇచ్చే విదాన్నాన్ని  ఎప్పటినుంచి ప్రవేశపెట్టాలో  వచ్చే మీటింగులో          నిర్ణయిం చటం జరుగుతుంది. జాగ్రత్తగా అందరూ తమ  నీటి వాడకాన్ని నిశితంగా పరిశీలించవలెను. తరవాత వచ్చే తక్కువ ఎక్కువ వాటర్ బిల్లులకు కమిటీ ఎటువంటి భాద్యత  వహించదు. అందుకే ముందుగా  ఎవరి వాటర్ మీటర్ రీడిoగ్స్  వారే చెక్ చేసుకోవలెను. ఎక్కడైనా వాటర్ లీకెజెస్ వుంటే గమనించుకోవలెను.

4) కార్పస్  ఫండ్ ప్రతినెల 1000 రూపాయలను ఓనర్స్ దగ్గరనుండి  8 నెలల వరకు వసూలు చేయుటకు నిర్ణయించటం జరిగింది.  ప్రతినెల 10 వ తారిఖు లోపల విదిగా చెల్లించవలెను.ఎటువంటి remainders ఇవ్వబడవు

5)ప్రతినెలా 2500  రూపాయలను మెయిన్ టనెన్స్  వసూలు చేయుటకు  నిర్ణయించటం జరిగింది.



                                         









20, డిసెంబర్ 2014, శనివారం

            .           .          . ...
1)    10     .        . 10    11         ,      . 12  100    . 13            . (     ,)
2)           .3000  .          .        ,        .              .            .
                 .     ,  ,  ,  ,    .
          ,           .     .
3)       /  .      .
4)                  ,      .  .
5)       .     .
6)         (  ,            .          .       .
    
 -               .11,000   .                 .                 .          .      .       .         .          .
                 .

                                                                                        


                                                                                          

19, డిసెంబర్ 2014, శుక్రవారం

Balance sheet of srinivasam apartment

Sreenivasam Apartment Maintenance & Corpus fund balance sheet
Total amount received on 14.12.2014 61220 Remarks
1 Corpus fund (Old) 8000    
2 Corpus fund (Dec-2014 collected) 10000 (To be collected 5000)  
3 Penthouse (Added 4000 to corpus fund from Dec-2014 onwards) 4000    
4 Penthouse (Advance taken 9000 and this amount was added to Corpus fund) 9000    
5 Total Corpus fund balance on 14 Dec-2014) 31000    
7 Total Amount available Balance for coming month maintenance and current month remaining maintenance 30220  
8 Proposed maintenance for Running month 8200 Water bill 1825, Power bill 2500, Lift 1200, others 2500) Actually this amount shall be taken from last month collected maintenance, due to lack of last month maintenance fund, shall be taken from current month collected maintenance amount.
9 Proposed maintenance for Jan-2015 month based on previous months maintenance 38000 (About +/- 4000)  
10 Remaining maintenance required   -15980 Hence, it clearly indicating that coming month (Jan-2015) maintenance charge is tentatively increase
Dear residents,      
Pl find the above sheet showing clear picture regarding our balances.we hope that understand above  details and tentatively propose the coming month maintenance charges based on our above expenditure.

vinayaka nimajjana sambaraalu

వినాయక నిమజ్జనం తరవాత















17, డిసెంబర్ 2014, బుధవారం

Registration


     We are Happily inform that our apartment association registration has been done.Our member Sri Tejesh put his sincere effort during this process.Let us we are saying thank you very much to him .Now I am here enclose the tentative Bye-Laws of apartment association.Any modifications/suggestions comment here.Bye-laws is must to open the Bank account or any other future correspondence.These bye-laws duly attested by notified Lawyer.Then only it will come to the force.Please give your valuable suggestions.


Bye laws of an apartment


 Bye-Laws
 of
 The Sreenivasam Apartment Owner’s Association
 (These bye-laws are in line with Model Bye laws, Form V under AP Apartments (Promotion of Construction and Ownership) Act and Rules, 1987)
 1.      Short title and Application: -- (1) These Bye-Laws may be called Bye-Laws of the The Sreenivasam Apartment Owner’s Association
 2.      The provisions of these bye-laws apply to the all present or future owners, tenants, future tenants, or their employees, or any other person that might use the facilities of the building in any manner at, The Sreenivasam and are subject to the regulation set-forth in these bye-laws. The mere acquisition or rental on taking or license of any of the family units (hereinafter referred to as “units”) of the building or mere act of occupancy of any of the said units will signify that these bye-laws are accepted, ratified, and will be complied with.
 3.      Definition:-- (1) in these bye-laws unless the context otherwise requires---
 (a)   “Act” means the Andhra Pradesh Apartments (Promotion of Construction and Ownership) Act,1987 (Act No.29 of 1987);
(b)   ‘Association’ means the Association of all the Apartments Owners constituted by such owners for the purpose of the co-operation amongst Apartment owners to do all acts in furtherance of the objective of The Sreenivasam Apartment owner’s Association;
 (c)    “Board” means a Board of managers consisting of President, Vice President, Secretary, Joint-Seceratry, Treasurer, Joint-Treasurer all of whom shall be owners of Apartments’ in the The Sreenivasam,
(d)   “Building” means the building located at, addgutta, Sreenivasam apartment,Addagutta society,Hyderabad-96and Known as The Sreenivasam Apartments, and includes the land forming part thereof;
(e)   “Declaration” means the declaration which the sole owner of the building or all the owners of the buildings have executed and registered as provided in Section 2 ;
(f)     “Majority of Owners” means those owners holding 51 percent of the votes in accordance with the percentage assigned in the Declaration ;
(g)   “Owners” or “Apartment Owner” means the person Owning an apartment in the The Sreenivasam
(h)   “Section” means a section of the Act ;
(i)     “Unit” means a family unit in the The Sreenivasam  ;
(j)     “Registrar” means the Registrar of Co-operative Societies ;
(k)    “Rules” means the rules framed under the Andhra Pradesh Apartments (Promotion of Construction and Ownership) Act, 1987 (Act No. 29 of 1987).
(2) Words and expressions used in these bye-laws but not defined herein shall have the meaning respectively assigned to them in the Act.
3. Apartment Ownership: --- The building located at ICICI Bank,Addagutta Society and Known as The Sreenivasam is submitted to the provisions of the Act.
4. Objects of Association: --- 
 (1) the object of the Association shall be --- 
 (a) To be and to Act as the Association of Apartment Owners of the building called The Sreenivasam located at ICICI Bank, Addagutta society,Hyderabad-96, Hashmatpeh Secunderabad 500009 (Hereinafter called “the said building”) who have their respective declaration submitting their apartments to the provision of the Act;
 (b) To invest and use funds of the Association for the general welfare of the members; 
(c) To provide for the maintenance, repair and replacement of the common areas and facilities by contribution from the apartment Owners, and if necessary, by raising loans for that purpose; 
(d) To ensure basic amenities like clean drinking water (both in quantity and quality), bore-well water in adequate quantities, common power and other facilities services, amenities that are needed for the common good and welfare of the members; 
(e) To take possession of all common areas and facilities in the premises of  Mansarovar Heights -3  like the Compound wall, open land, open space on terrace, driveways, common parking areas, children’s  recreation, club house, swimming pool, common corridors, staircases, terraces, generators , submersible pumps, transformers, circuit breakers, electricity meter rooms, lifts, lift room, association maintenance office, open shafts, common toilets, water pumps, storage tanks, water piping system, drainage system, electricity distribution system, cable television wiring system, telephone wiring system, association office room on terrace ,if any etc.,from the promoter; 
(f) To take care of periodical painting, distempering of the exterior of the block and common areas in the interior and to undertake repairs, replacements or other general water, electric and other equipments, machinery etc., belonging to the Association; 
(g) To retain and rent or license if possible, suitable portion of the common areas to outsiders for commercial purpose and to distribute the common expenses among the apartment owners as common profits or accumulate the same for building up a reserve fund; 
(h) To provide for and do all and any of the matters provided in sub – Section (2) of Section 18 of the Act; 
(i) To advance with the consent of the apartment owners, any short term loans to any apartment owners in case of any emergent necessity and to provide for the benefit of the apartment owners; 
(j) To establish and carry on, on its own account or jointly with individual or institution, education, physical, social and recreational activities for the benefit of the apartment owners ; 
(k) To frame rules, with the approval of the general meeting of the association and after consulting the competent authority and may establish a provident fund and gratuity fund, if necessary, for the benefit of the employee of the Association ; 
(l) to do all things necessary or and otherwise for enhancing co-operation amongst the flat owners for improving and enhancing the experience of staying at Mansarovar Heights -3 and provide for their welfare expedient of the attainment of the objects specified in these bye – laws; 
(m) To organise, establish and run social, educational, cultural, recreational and other facilities for the welfare of the residents/members; 
(n)   To improve, alter/repair, reconstruct, and incur capital expenditure for special repairs to the common areas of any part of the premises in accordance with the law and decisions taken by majority of the members of the Association. A corpus fund shall be maintained for the purpose and the same shall be collected;

(o)   To be of assistance to members in whatever manner possible to solve the common problems and promote a feeling of oneness of a happy family through mutual co-operation; 
(p) To control the use of common parking space and its allocation amongst the flat owners etc., 
(q) To frame, amend or substitute the rules and clauses of bye-laws, with approval of the General Body meeting of the Association, after consulting the Competent Authority to ensure Bye-laws are in line with model bye-laws indicated at Form V of AP Apartments (Promotion of Construction and Ownership) Rules, 1987. 
(r) To do all things necessary or expedient for the accomplishment of the aforesaid objects of the Association. 
(s) The Association shall not act beyond the scope of its objects without duly amending the provision of this bye – laws for the purpose. 
5.  Members of association: --- (1) All persons who have purchased apartments in the and Known as The Sreenivasam,  Addagutta society,Hyderabad-96, Hashmatpet Secunderabad 500009 and executed respective Declaration under section 5 submitting their apartments to provision of the Act shall automatically be the member of the Association and shall pay the sum of one  hundred rupee as entrance fee and shall purchase one share of the face value of Rs 1000/- each. Each apartment owner shall receive a copy of the bye – laws on payment of one hundred rupees. 
(2) Upon any apartment owner selling his apartment, or absolutely conveying the same by way of gift under his will or otherwise, the purchaser or donee shall automatically become a member of the association, and shall be admitted as member on payment of the entrance fee of one hundred rupee. The share held by an apartment owner shall be transferred to the name of such purchaser or donee on payment of ten thousand rupee to the Association. 
(3) On death of an apartment owner, his apartment shall be transferred to the person to whom he bequeaths the same by his will, or to the legal representative of his Estate, in case he has made any specific bequest of the apartment. The name of the legatee or the names of the legal representative jointly shall be entered in the register of apartment owners maintained by the secretary for the purpose of administration of the The Sreenivasam Apartment owner’s Association as apartment owners. Where any legatee is a minor, the apartment owner shall be entitled to appoint a guardian of such minor. 
6. Joint apartment owners: --- Where an apartment has been purchased by two or more persons jointly, they shall be jointly entitled to the apartment and the shares of the Association shall be issued in their joint names, but the person whose name stands first in the share certificate shall alone have the right to vote. 
7. Holding of one share Compulsory: ---- Every apartment owner must hold one share of the Association (Joint apartment Owners holding the shares jointly) 
8. Disqualifications: --- No apartment owner shall be entitled to vote on the question of the election of members of the Board or the President, Vice President, Secretary, Joint Secretary, Treasurer, Joint Treasurer or any other office bearer or be entitled to stand for election to such office if he is in arrears of any sum due from him in respect of his contribution for common expenses, for more than sixty days on the last day of the year preceding the year in which the election to the Board would take place. 
CHAPTER II 
                                                          VOTING, QUORUM AND PROXIES 
9. Voting: ---- Voting shall be on “one Apartment one vote basis”. 
10. Quorum: ---- Except as otherwise provided in these bye-laws, the presence in the person of a majority of the owners shall constitutes a quorum. 
11. Votes to be cast in persons: --- Votes shall be cast in person. 
                                                                CHAPTER III 
                                                             ADMINISTRATION 
12. Powers and duties of Association: --- The Association will have the responsibilities of administering the The Sreenivasam Apartments, approving the annual budget establishment and arranging for the management of the Apartments in an efficient manner. Except as otherwise provided, resolutions of the association shall require approval by a majority of the owners, casting votes in person. 
13. Place of meetings: ---- Meeting of the Association shall be held at suitable place convenient to the owners as may from time to time be designated by the Association. 
14. Annual meetings: --- The first annual meeting of the association shall be on 15-10-2011. Thereafter, the annual meeting of the Association shall be on the 2nd Sunday of June each succeeding year. At such meeting there shall be elected by ballot of the apartment owners a Board in accordance with the requirements of Bye-law 23. The owners may also transact such other business of the Association as may properly come before them. 
15. Special meetings: --- It shall be the duty of the President to call a special meeting of the apartment owners as directed by a resolution of the boards or upon a petition signed by a majority of the owners and having been presents to the secretary, or at the request of the competent Authority appointed under the Act, or as the case may be, the registrar of the Co-operative Society or any Officer duly authorized by him in this behalf. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No other business shall be transacted at a special meeting expect as stated in the notice without the consent of four-fifth of the owners present in person. 
16. Notice of Meetings: --- It shall be the duty of the secretary to mail or send a notice of each annual or special meeting, stating the purpose thereof as well as the time and place where it is to be held, to each apartment owner, at least 2 but not more than 7 days prior to such meeting. The mailing or sending of a notice in the manner provided in this bye-law shall be considered notice served. Notice of all meeting shall be mailed or sent to the Competent Authority or as the case may be, the register of Co-operative Society. 
17. Adjourned meetings: --- If any meeting of owners cannot be organized because a quorum has not attended the owners who are present, may adjourn the meeting to a time not less than forty-eight hours from the time the original meeting was called. If at such adjourned meeting also, no quorum is present the owners present in person being not less than two shall form a quorum. 
18. Order of business: ---- The order of business at all meeting of the owner of units shall be as follows: -- 
(a) Roll call. 
(b) Proof of notice of meeting or waiver of notice. 
(c) Reading of Minutes of proceeding meeting. 
(d) Reports of officers. 
(e) Reports of the Competent Authority, or the Registrar of Co operative Society or of the officer duly authorized by them, if present. 
(f) Report of committees. 
(g) Election of Board. 
(h) Unfinished Business, if any. 
(i) New Business.
 CHAPTER IV
 BOARD OF MANAGERS
 19. Management of Association: -- The affairs of the Association shall be governed by a board.
 20. Powers and duties of board: --- The Board shall have the powers and duties necessary for the administration of the Association, and may do all such acts and things as are not by law or by these bye – laws directed to be exercised and done by the owners.
 21. Other duties: --- In addition to duties imposed by these bye- laws or by resolution of the Association, the board shall be responsible for the following that is to say: --
 (a) Care, upkeep and surveillance of the The Sreenivasam Apartments and the common areas and facilities and the restricted common areas and facilities;
 (b) Collection of monthly assessments from the owners;
 (c) Designation, employment, remuneration and dismissal of the personnel necessary for the maintenance and operation of the The Sreenivasam Apartment the common areas and facilities and the restricted common areas and facilities;
 (d) To provide for the manner in which the audit and account of the Association shall be carried out;
 (e) To inspect the accounts kept by the secretary and/or the treasurer, and examine the register and account books and to take steps for the recovery of all sums due to the Association;
 (f) To sanction working expenses, count cash balance and deal with other miscellaneous business;
 (g) To see that cash book is written up promptly and is signed daily by one of the members of the boards authority in this behalf;
 (h) To here and deal with complaints.
 22. Manager: -- The board may employ for the Association a manager at a compensation determined by the board to perform such duties and services as the boards shall authorize including, but not limited to the duties listed in bye-laws 21.
 23. Election and term of office: --- At the first annual meeting of the Association, the term of office of two managers shall be fixed for three years. The team of office of two managers shall be fixed at two years, and the team of office if one manager shall be fixed at one year. At the expiration of the initial term of office of each respective manager, his successor shall be elected to serve a term of three years. The manager shall hold office unit their successors have been elected and hold their first meeting. (if a large board is contemplated , the terms of office should be established in a similar manner so that they will expire in different years)
 24. Vacancies: --- Vacancies in the boards cause by any reason other than the removal of a manager by a vote of the Association shall be filled by vote of the majority of the remaining managers, even though they may constitute less than a quorum; and each person so elected shall be manager until a successor is elected at the next annual meeting of the Association.
 25. Removal of manager: --- At any regular or special meeting duly called any one or more of the managers may be removed with or without cause by a majority of the apartment owners and a successor may then and there be elected to fill the vacancies thus created. Any manager whose removal has been proposed by the owners shall be given an opportunity to be heard at the meeting.
 26. Election of officers: --- The officer of the Association shall be elected by the boards at the organization meeting of each new board and shall hold office at the pleasure of the board.
 27. Removal of Officers: --- Upon an affirmative vote of a majority of the members of the boards any officer may be removed, either with or without cause, and his successor elected at any regular meeting of the board or at an special meeting of the board called for such purpose.
 28. President: --- The president shall be the chief Executive officer of the Association. He shall preside at all meeting of the Association of the general power and duties which are usually vested in the office of president of an Association, Including, but not limited to, the power to appoint committees from among the owners from time to time as he may in his discretion decide to be appropriate to assist in the conduct of the affairs of the Association.
 29. Vice-President: --- The Vice-president shall take the place of the president and perform his duties whenever the president shall be absent or unable to act. If neither the president nor the Vice-president is able to act, the board shall appoint some other member of board so to act on an interim basis. The Vice-president shall also perform such other duties as shall from time to time be imposed upon him by the board.
 30. Secretary: --- The Secretary shall kept the minutes of all meeting of the Association, he shall have charge of such books and papers as the Board ma7y direct, and shall, in general, perform all the duties incidental to the office of secretary.
 30A Joint Secretary:-- The Joint Secretary  shall take the place of the Secretary and perform his duties whenever the secretary shall be absent or unable to act
 31. Treasurer: --- The treasurer shall be responsible for Association funds and securities shall also be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging to the Association. He shall be responsible for the deposit of all moneys and other valuble effects in the name and to the credit, of the Association in such depositaries as may from time to time be designated by the Board.
 31A  Joint Treasurer:- The Joint Secretary  shall take the place of the Treasurer and perform his duties whenever the treasurer shall be absent or unable to act.
 CHAPTER V
 OBLIGATIONS OF THE APARTMENT OWNERS
 32. Assessment: --- All owners are obliged to pay monthly assessments imposed by the Association to meet all expenses relating to the The Sreenivasam Apartments, which may include an insurance premium for a policy to cover repair and reconstruction work in case of hurricane, fire, and earthquake or other hazard or calamity. The assessment shall be made pro-rata accordingly to the value of the unit owned as stipulated in the declaration. Such assessments shall include monthly payment to a general Operating reserve fund for replacements.
 33. Maintenance and repair: --- (1) every owner must perform promptly all maintenance and repair work within his own unit, which if omitted would affect the The Sreenivasam Apartments in entirely or in a part belonging to other owners, being expressly responsible for the damages and liabilities that his failure to do so may endanger.
     (2) All the repairs of internal installation of the units as water, light, gas, power, sewage, telephone, air-conditioners, sanitary installation, doors, windows, lamp and all other accessories belonging to the unit area shall be at the expense of the apartment owner concerned.
    (3) An Owner shall reimburse the Association for any expenditure incurred in repairing or replacing any common area facility damaged through his fault.
 34. Use of family units-internal changes: --- (1) All units shall be utilized for residential purpose only.
    (2) An Owner shall not make any structural modification or alterations in his unit or installation located therein without previously notifying the Association in writing, through the president of the board if no manager is employed. The Association shall have the obligation to answer within thirty days and failure to do so within the stipulated time shall mean that there is no objection to the proposed modification, alteration or installation.
 35. Use of common areas and facilities and restricted common areas and facilities: --- (1) An owner shall not place or cause to be placed in the lobbies’ vestibules, stairways, elevators and other areas of The Sreenivasam Apartments and facilities of a similar nature both common and restricted, any furniture, packages or objects of any kind. Such areas shall be used for no other purpose than for normal transit them.
    (2) The The Sreenivasam Apartments have elevator in pairs marked as A & B. B elevators are devoted to the transportation of the owners and their guest and A elevators for freight service or auxiliary purpose. Owners and tradesmen are expressly required to utilise exclusively a freight or service elevator for transporting packages, merchandise or any other object that may affect the comfort or well-being of the passengers of the elevators dedicated to the transportation of owners, residents and guests1.
 36. Right of Entry: --- (1) An owner shall grant the right of entry to the manager or to any other person authorized by the board or the Association in case of any emergency originated in or threatening his unit, whether the owner is present at the time or not.
 (2) An owner shall permit other owner, or their representative, when so required to enter his unit for the purpose of performing installation, alteration or repairs to the mechanical services provided that request for entry are made in advance and that such entry is at a time convenient to the owner. In case of an emergency, such right of entry shall be immediate.
 37. Rules of Conduct: --- (1) No resident of the The Sreenivasam Apartments shall paste any advertisement, or posters of any kind in or on the building except as authorized by the Association.
   (2) Residents shall exercise care about making noises or the use of musical instrument, radios, television and amplifiers that may disturb others. Residents keeping domestic animals shall abide by the municipal sanitary bye-laws or regulations.
 (3) It is prohibited to hang garments, rugs, etc., from the windows, balconies, or from any of the facades of the The Sreenivasam Apartments
 (4) It is prohibited to dust rugs, etc. , from the windows, or to clean rugs, etc. , by beating on the exteriors part of the said Apartment.
 (5) It is prohibited to throw garbage or trash outside the disposal installations provided for such purpose in the service areas. If such installation is not provided all garbage or trash shall be collected in a vessel and thrown in the municipal dust bin.
 (6) No owner, resident or lessee shall install wiring for electrical or telephone installation, television antenna.
 CHAPTER VI
 FUNDS AND THEIR INVESTMENTS
 38. Funds: --- funds may be raised by the Association in all or any of the following ways, namely:
 (a) By shares.
 (b) By contributing and donating from the apartment owners.
 (c) From common profit which shall form the nucleus of the reserve fund.
 (d) By raising loans, if necessary, subject to such terms and conditions as the Association with the approval of the competent authority, may determine in this behalf.
 39. Investment: --- The Association may invest or deposit its funds in one or more of the following: ----
 (a) In the central Co operative bank or in the State Co operative bank; or
 (b) In any of the securities specified in section 23 of the Indian Trusts Act 1882; or
 (c) In any Co operative bank other than those referred to in clause (a) of this bye-Law or in any banking company approved for this purpose by the Association.
 40. Affiliation: ---- Should there be any federation of apartment owners in the locality in which the The Sreenivasam Apartments is situated the association may after consulting the competent authority, become a member thereof, and pay the sum from time to time payable to such federation under the rules thereof.
 41. Accounts; --- (1a)  A Banking accounts shall be opened by the Association, into which all money received on behalf of the Association shall be paid. For every payment received a numbered receipt with seal of the Association shall be issued to payee.
 (1b) All payment above Rs1000/- Shall be made by cheque signed by the President/Vice President and Secretary/Treasurer.
 (2) Each apartment owner shall have a pass book in which the Secretary shall enter amount paid to or received for his share in respect of profits from common areas and contributions towards common exp. And his share of assessment and other dues, if any, in respect of his apartment. Alternatively on-line account shall be maintained which can be viewed and printed by the owner.
 (3) The Association shall, on or before 31st July in each year, publish an audited annual financial statement in respect of the common areas and facilities containing: ---
 (a) The profit and loss account;
 (b) The receipts and expenditure of the previous financial years; and
 (c) A summary of the property and assets and liabilities of the common areas and facilities of the association, giving such particulars as will disclose the general nature of these liabilities and Assets and how the value of fixed assets has arrived at.
 (4) The audited financial statement shall be open to the inspection of any member of the Association during office hours and in the office of the Association and a copy thereof, shall be submitted to the competent authority not later than 15th August every year.
 (5) Every financial statement shall be accompanied by a complete list of the apartment owners. There shall also accompany the financial statement a similar list of loanees. The financial statement shall state up to what date profit and expenses of common areas are included.
 42. Publication of accounts and reports: --- A copy of the last financial statement and of the report of the auditor if, any shall be kept in a conspicuous place in the office of the Association.
 43. Appointment of auditor: --- The Association shall appoint at its general meeting, an auditor who shall audit the Accounts of the Association to be prepare by the board as herein before provide and shall examine the annual returns, and verify the same with the accounts relating thereto and shall either sign the same as found by him to be correct, duly vouched and in accordance with law, or specially report to the Association in what respect he finds it incorrect, un-vouched or not in accordance with law.
 44. Power of Auditor: --- The Auditor shall be entitle to call for and examine any papers or documents belonging to the Association relating to the common areas and facilities (including limited common areas and facilities) and common expenses and shall make a special report to the Association upon any matter connected with the accounts which appears to him require notice.
 CHAPTER VII
 MORTGAGES
  45. Notice to association; --- An owner who mortgages his unit, shall notify the Association through the manager, if any, or the president of the board in the event there is no manager, the name and address of his mortgagee; and the association shall maintain such information in a book entitled ”Mortgagee of units.”
 46. Notice of unpaid assessment: --- The Association shall at the request of a mortgagee of a unit report any unpaid assessments due from the owner of such unit.
 CHAPTER VIII
 COMPLIANCE
 47. Compliance: --- These bye-laws are set forth to comply with the requirement of the Andhra Pradesh (Promotion of Construction and Ownership) Act, 1987. In case any of these bye-laws conflict with the provision of the said Act, it is hereby agreed and accepted that the provisions of the Act will apply.
 48. Seal of the Association: ---- The Association shall have a common seal be in the custody of the secretary, and shall be used only under the authority of a resolution of the board and every deed of instrument to which the seal is affixed shall be attested for or on behalf of the Association by two members of the board and the secretary or any other person authorized by the association in that behalf.
 CHAPTER IX
 AMENDMENT TO PLAN OF APARTMENT OWNERSHIP
 49. Amendment of bye-laws: --- These bye-laws may be amended by the Association in a duly constituted meeting for such purpose and no amendment shall take effect unless approval by owners representing at least 75 per cent, of the Apartment Owners in the The Sreenivasam Apartments as shown in the declaration.
 CHAPTER X
 Penalties
 1.      The manager or Board of managers of The Sreenivasam Apartment owner’s Association, may after due notice of not less than 7 days, for just and sufficient cause, cut off, withhold or in any manner curtail or reduce any essential supply or service enjoyed by an apartment owner. The cost of restoration of service shall be payable by the Apartment owner. (refer section 21 of The AP Apartments (Promotion of Construction and Ownership) Act, 1987

 Violation of any part of the bye laws resulting in expenditure to restore The Sreenivasam Apartments to original condition by association; shall be recoverable form the apartment owner who caused such damage.