Can a builder be a permanent trustee of a apartment society?
Situation : Can Builder be a permanent Trustee of a Trust along with managing committee of a society of apartment owners. The builder formed a managing committee in the initial stage of apartments sale and framed the bye laws. In the bye laws he had incorporated that corpus found collected from purchasers shall be held in a trust consisting of permanent trustee being builder and managing committee elected by owners of apartment. Can the subsequently formed and regd society amend the bye laws and remove the trust clause and wrest control of corpus found to be administered by the present managing committee. No trust has been formed yet. The builder is holding the term deposit receipts in the name of society and not not returning the same to present society. Pl advise what action has to be initiated besides passing passing amendment to bye laws.
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It is illegal. Approach Registrar
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