Where we can use corpus fund

Where we can use corpus fund?

Que.What is the exact usage of a corpus fund? Where we can use it?

Corpus fund means payment received or receivable by the society from the developer in lieu of surrendering its development rights of plot by way of registered document or contributed by Members for any purpose as decided in general meeting. It can be a fund received from the Promoter Builder or received in case of Redevelopment. In case of Redevelopment, it is generally with the purpose of meeting additional burden of increased rates of maintenance or society charges. It is a long term fund and has to be invested and the interest has to be utilized. The society has to decide its utilization as per the needs, in the general Body meeting. 

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