Promoter to render account to the Association Every promoter shall render an account to the Association for the amount collected by him, from the apartment owners before the formation of the Association, towards common expenses, sinking fund for replacement of fixed assets and payment of State Government and municipal taxes and shall transfer the balance,

Common profits, common expenses and other matters (1) The common profits of the property shall bedistributed among, and the common expenses shall be charged to,the apartment owners according to the percentage of the undividedinterest of the apartment owners in the common areas andfacilities.(2) Where the apartment owner is not himself in theoccupation of the apartment

Apartment owner not to be exempted from liability for contribution by waiver of the use of the common areas and facilities No apartment owner may exempt himself from liability for his contribution towards the common expenses by waiver of theuse of enjoyment of any of the common areas and facilities, or by the abandonment of

Action – (1) Without prejudice to the rights of anyapartment owner, action may be brought by the Association, ineither case in the discretion of the Association, on behalf of two ormore of the apartment owners as their respective interest mayappear, with respect to any cause of action relating to the commonareas and facilities or more

Disposition of property, destruction or damage If, within sixty days of the date of damage to or destruction of all, orpart of any property, or within such further time as the CompetentAuthority may, having regard to the circumstances of the case,allow, the Association does not proceed to repair, reconstruct or rebuild such property, then, and

Insurance (1) The Association-(a) shall have, if requested so to do by a mortgageehaving a first mortgage covering an apartment, theauthority to, and(b) shall, if required so to do by the bye-laws or by amajority of the apartment owners,obtain insurance for the property against loss or damage by fire orother hazards under such terms and

Association of Apartment Owners and bye-laws relating thereto (1) There shall be an Association of apartmentowners for the administration of the affairs in relation to theapartments and the property appertaining thereto and for themanagement of common areas and facilities:Provided that where any area has been demarcated for theconstruction of several buildings, whether such area is

Registration of Deed of Apartment (1) Every Deed of Apartment and every endorsement thereon relating to thetransfer of the apartment shall be deemed to be a document whichis compulsorily registrable under the Registration Act, 1908(Central Act No. 16 of 1908) and shall be registered with theRegistering Officer accordingly, and the words and expressionsused in this