By Laws of State Life Housing Society
SALIENT FEATURES OF BY LAWS OF THE STATE LIFE INSURANCE EMPLOYEES COOPERATIVE HOUSING SOCIETY LTD
Ø Model By Laws adopted on 15-03-2010.
Ø Society shall operate within the area of Lahore.
Ø Society is working under Registrar Cooperative Societies Punjab Lahore.
Ø Society is working on self-help basis on no profit no loss.
Ø Society shall maintain a residential Housing Society for its members.
Ø To acquire, buy land, houses, buildings and other property for the purpose of establishing housing society.
Ø To prepare plans for houses and other buildings and to construct it through architects.
Ø To obtain loan from Government for the requirement of Society.
Ø To take steps for the welfare of its members.
Ø To allot plots to members as per Master Plan.
MEMBERSHIP of State Life Housing Society
Ø Shall be more than 18 years of age.
Ø Be a good moral character.
Ø Purchase at least one share.
Ø Membership be confirmed in coming Annual General Meeting.
Ø Written application with a fee of Rs.5000/-.
EXPULSION OF MEMBERSHIP of State Life Housing Society
Ø On death.
Ø Ceasing to held at least one share.
Ø Gravely misusing any dwelling occupied by him in the Colony or habitually achieving in a disgraceful manner or in a manner which is causing serious offense to his/her neighbors or unnecessarily involving the Society in litigation or making negative propaganda against the Society.
Ø Unsound mind.
Ø Persistent defaulter in paying installments in time.
Ø Expulsion from Membership can be made by a resolution in the AGM.