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Property management :
The property of the society vests in the name of the society and the same can be sold as per the terms mentioned in the bye-laws of the society. (e.g., approval from the Executive Committee Member)
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Property management :
All the properties belonging to a company are vested in the name of the company. These can be sold in conformity to the provisions mentioned in the Companies Act, 2013. The Act says the sale can be done with prior consent of the Company Board of Directors, when they pass a resolution regarding the same.
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Governing Act :
The societies are governed by the Societies Registration Act of 1986.
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Dissolution or closure :
Dissolution as per the bye-laws of the society, upon dissolution and after settlement of all debts and liabilities, the funds and property of the society may not be distributed among the members of the society, rather, the remaining funds and property must be given or transferred to some other society, preferably one with similar objects.
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Board :
Executive Committee(President, Secretary, Vice President, Treasurer), General Body (All members)
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Annual compliance :
Societies must file annually, with the Registrar of Societies, a list of the names, addresses and occupations of their managing committee members.