Right into this blog post, we will be figuring out the detailed difference between cooperative housing society and private housing society in Pakistan. Although both of the categories are used as mainly for the residential purposes, there is some sort of difference that does emerge between the two of them. Let’s figure them out!
Difference Between Cooperative Housing Society And Private Housing Society In Pakistan
About Private Housing Society:
This category of the society is basically known as the form of association for the seven or more people registered under the Societies Registration Act, 1860. A registered society is all known out to be the legal entity by means of the access of limitations. But nevertheless, the members of a cooperative society get together to carry out the promotion of the economic interest of their members! They have to submit viable business plan related to the cooperative just as before registration.
Introduction To Cooperative Society:
A cooperative society is different from the private society as on the basis of the certain conditions. It would be following with the certain form of the principle of one member–one vote. In simple, the cooperative is an association of members. Its main purpose is all about to serve members’ needs.
Difference Between Cooperative Housing Society And Private Housing Society In Pakistan:
- The first difference is about the management! Members of the society are elected all through the managing committee that will also be electing its chairman, secretary, treasurer and other office bearers to manage the day to day affairs. In the cooperative housing society, the member of the apartment owners association elect a “Board of Managers” where they will also be electing the President, Vice-President, Secretary and Treasurer to manage the day to day affairs. get review about Difference Between Pakistan And India Culture
- In the private housing society, the flat owner will be taking the permission from the “Managing Committee” in order to let the flat. But in the cooperative, the owners can give their apartment on the lease, or they can even leave and license without approval from the “Board of Managers”
- In the private housing society, each single member has its own one vote. On the contrary in the cooperative housing society, every owner of the apartment will be given the freedom about the voting right in proportion to the value of his premises. hope now you well understood Difference Between Cooperative Housing Society And Private Housing Society In Pakistan