(Association of "KLASSIK BENCHMARK APARTMENT" Owners formed in accordance with provisions of the Karnataka Apartment Ownership Act, 1972

and the Rules framed there under in 1974) BYE LAWS (As per proforma given in Exhibit 'B' of Form 'A' prescribed by Rule 3 of the Karnataka Apartment Ownership Rules, 1974) CHAPTER I 1. SHORT TITLE AND APPLICATION:

1.1. These Bye-laws may be called the Bye-laws of the "KLASSIK BENCHMARK APARTMENT" Residents Welfare Association: KLASSIK BENCHMARK APARTMENT Sy No.10/1, 11/1, Kalena Agrahara Near Meenakshi Temple Bannerghatta Road, Begur Hobli, BANGALORE 560 076. 1.2. The provisions of these bye-laws apply to the "KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION" Owners Association members all of whom have filed their respective declaration submitting their apartments to the provisions of the Karnataka Apartments Ownership Act. 1.3. All present or future owners, tenants, future tenants or their employees or any other person who might use the facilities of the building in any manner are subject to the regulations set forth in these bye-laws. 1.4 The mere acquisition on rental or taking on license of any of the Apartment (hereinafter referred to as apartment) of the building or mere act of occupancy of any of the said apartment will signify that these bye-laws are accepted, ratified and will be complied with. 2. 2.1. DEFINITION In these bye-laws, unless the context requires otherwise (a) "Act" means the Karnataka Apartment Ownership Act, 1972.

(b) "Association" means the `KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION.

(c) Association of Apartment Owners means all of the apartment owners acting as a group in accordance with Bye-laws and declaration. (d) "Board/Committee" means the executive committee consisting of 16 members, all of whom shall be owners of the KLASSIK BENCHMARK APARTMENT, Sy No 10/1, 11/1, Kalena Agrahara, Near Meenakshi Temple, Bannerghatta Road, Begur Hobli, BANGALORE 560 076. Committee can co-opt max of 3 members as and when required. The committee shall also have the power of appointing sub-committees among association members and assign such duties to them as they deem appropriate for the better work of the complex as well co-opt knowledgeable members from resident. (e) "Building" means the building located at: "KLASSIK BENCHMARK APARTMENT Khatha No. DA/PR/85/09-10 (35/677/10/1, 11/1 & 11/2) Sy No 10/1, 11/1, Kalena Agrahara Near Meenakshi Temple Bannerghatta Road, Begur Hobli, BANGALORE 560 076. and includes the land forming part thereof and 2 blocks (East and West Block) consisting of 240 Nos of Apartment, Amenities and security building. (f) "Declaration" means the Declaration which the sole owners of the building or all the owners of the building have executed and registered as provided in Section 2 of the Karnataka Apartment Ownership Act, 1972. (g) "Majority of Owners" means those owners holding 51 percent of the votes in accordance with the percentages assigned in the declaration. (h) "Owner" or "Apartment Owner" means a person owning an Apartment in the KLASSIK BENCHMARK APARTMENT with a car parking space and who has submitted his/or apartment to the provision of the Karnataka Act 17 of 1972. (i) Member means a member of the Association who is an Apartment Owner in the Klassik Benchmark Apartment Condominium. (j) Deemed member means the spouse, a parent or any one of the children above 18 years of age who is specifically authorized in writing by such owner and who is a resident of Klassik Benchmark Apartments.

(k)

"Section" means a Section of the Act.

(l) "Unit" means a family unit in the "KLASSIK BENCHMARK APARTMENT Residents Welfare Association. (m) "Registrar" means the Sub Registrar/ Registrar of Societies under section 5 of the Apartment act. 3. APARTMENT OWNERSHIP

3.1 The building located at under Khatha No. 677-10/1, 11/1 & 11/2, Sy No 10/1, 11/1, Kalena Agrahara, Near Meenakshi Temple, Bannerghatta Road, Begur Hobli, Bangalore 560 076 and now under Bruhat Bangalore Mahanagara Palike, Khata Nos. Khatha No. DA/PR/85/09-10 (35/677/10/1, 11/1 & 11/2), Sy No 10/1, 11/1, Kalena Agrahara, Near Meenakshi Temple, Bannerghatta Road, Begur Hobli, Bangalore 560 076, known as KLASSIK BENCHMARK APARTMENT is submitted to the provisions of the Karnataka Ownership Act, 1972. 4. 4.1. OBJECTS OF ASSOCIATION The objects of the Association shall be: (a) To be and to act as the association of Apartment Owners of the Building called "KLASSIK BENCHMARK APARTMENT at Sy No 10/1, 11/1, Kalena Agrahara, Near Meenakshi Temple, Bannerghatta Road, Begur Hobli, BANGALORE 560 076 (hereinafter called the "SAID BUILDING") who have filed their respective declarations submitting their apartments to the provisions of the Act. (b) To invest or deposit to the advantages of the association.

(c) To provide for the maintenance, repair and replacement of the common areas and facilities by contributions from the apartment owners and if necessary by raising loans for that purpose. (d) To provide for and do all or any of the matters provided in sub-section (2) of Section 16 of The Karnataka Apartments Ownership Act. (e) To establish and carry on, its own account or jointly with individuals or institutions educational physical social and re-creative activities for the benefit of the apartment owners. (f) To frame rules, with the approval of the general Meeting at the general body of the Association and after consulting the Competent

Authority establish a Provident fund and gratuity fund, if necessary for the benefit of the employees of the Association. (g) To do all things necessary or and otherwise provide for their welfare regularisation of the code of conduct interest between the members expedient for the attainment of the object specified in these bye-laws. 4.2. The Association shall not act beyond the scope of its objects without duly amending the provision of these bye-laws for the purpose. 5. 5.1. MEMBERS OF ASSOCIATION: (a) All persons who are the owners of the apartments in the KLASSIK BENCHMARK APARTMENT Residents Welfare Association and executed declaration under Section 5 of the Karnataka Apartment Ownership Act 1972 submitting their apartment to provisions of the Act shall automatically be the members of the Association and the attorneys duly authorized by the Apartment Owners to act on his/her/their/its behalf in the latters absence shall however have voting rights. Each member shall purchase one share of the face value of Rs. 1000/- (Rupees One thousand only) and pay entrance fees of Rs. 10/- (Rupees Ten Only) per apartment. Each Apartment Owner shall receive a copy of the bye-laws on payment. (b) Upon any apartment owner selling his/her apartment or absolutely conveying the same by way of gift or bequest under his will or succession or otherwise, the purchaser, donee, beneficiary, transferee shall automatically become a member of the Association and shall be admitted as member on payment of the entrance fee of Rs.10/-. Share will be transferable on transfer of ownership/ sale / inheritance. However all the transferees of 240 apartments presently held by the original owner/builders i.e., M/s Klassik Enterprises Ltd/ Land Owner for sale/transfer, shall automatically become the member of the association on its transfer/Registration and no transfer fee shall be charged for the first transfer. (c) In case of sale, transfer, mortgage or otherwise the owner shall pay up all the dues of the Association and obtain no-due certificate from the Association, failing which the transferee shall have to pay all the dues and charges. (d) On the death of an apartment owner, his/her apartment shall be transferred to the person or persons to whom he/she bequeaths the same by his/her Will or to the legal representatives of his estate in case he has not made any specific bequest of the apartment. The name of the legatee or the names of the legal representatives severally or jointly shall be entered in the Register of Apartment Owners maintained by the Secretary for the purpose of administration of the KLASSIK BENCHMARK APARTMENT

Residents Welfare Association as Apartment owner or joint apartment owners. Where the legatee is a minor, the apartment owner shall be entitled to appoint a guardian of such minor. 6. JOINT APARTMENT OWNERS

6.1. Where an apartment has been purchased by two or more persons jointly, they shall be jointly entitled to the apartment and the shares of the Association shall be issued in their joint names. However, the Voting right shall be only one for each apartment and any meeting to be attended by any of the co-owners with written consent of the other co-owner. 7. HOLDING ON ONE SHARE

7.1. Every apartment owner must hold at least one share of the Association. (Joint apartment owners holding the shares jointly). 8. DISQUALIFICATIONS:

8.1. No member shall be entitled to vote on the question of the election of members of the Board or the President, Secretary, Treasurer, or any other office bearer or be entitled to stand for election to such office if he is in arrears on the last day of the year in respect of his contribution for common expenses to the Association for more than 60 days. The name of the owners and the amount in the arrears for more than 60 days shall be displayed on the notice boards of the association. 9. 9.1 (a) (b) CESSATION OF MEMBERSHIP Membership shall cease On the death of an Owner An owner selling the apartment or transfer of title CHAPTER-II VOTING QUORUM AND PROXIES 10. VOTING

10.1. There are two blocks consisting of East Block and West Block, each block consisting of two Basement parking, Ground plus Fourteen Upper Floors, totally 240 apartments in the entire project, and each of the unit shall be entitled for one vote.

10.2. Out station owners may be represented by their duly executed Power of Attorneys who will have the right to exercise to vote. However such General power of Attorney holders if not resident in the complex cannot be the members of the Management committee. 11. QUORUM

11.1. For a crucial meeting, general body meeting or a special general body meeting, 33% of owners or their duly authorized person or 40% of residential owners, whichever is less can constitute a quorum. In the absence of the quorum the meeting shall be adjourned for 30 minutes and then held at the same venue and transaction will be completed. 12. VOTE TO BE CAST IN PERSON:

12.1. Vote shall be cast in person or by duly executed Power of attorney and NOT BY PROXY. CHAPTER-III ADMINISTRATION 13. POWER AND DUTIES OF ASSOCIATION

13.1. The association will have the responsibility of administering the KLASSIK BENCHMARK APARTMENT Residents Welfare Association approving the Annual Budget, establishing and collecting monthly assessments and arrangement/arranging for the management of the Association in an efficient manner. Except otherwise provided, resolution of the Association shall require approval by a majority of owners, casting votes in person. 14. PLACE OF MEETING

14.1. Meetings of the Association shall be held at Club House or any other place as may be decided by the Committee. 15. ANNUAL MEETINGS

15.1. The first meeting of the Association shall be held within 30 days of the registration. Thereafter the Annual meetings of the Association shall be held on each Succeeding year on the date as may be mutually decided. At each meetings election of the committee members in accordance with the provision of the bye-laws shall be conducted. The meeting shall be held during any day within 90 days of the closing of the financial years, in each succeeding years. The owners may also transact such other agenda/ business of the association as may properly come before it.

16.

SPECIAL MEETINGS:

16.1. It shall be the duty of the President to call a Special Meeting of the Apartment owners as directed by a resolution of the Board or upon a petition signed by a 50% of the owners residing in the Klassik Benchmark Apartments and having been presented to the Secretary or at the request of the Housing Commissioner, or as the case may be, the Registrar or any other Officer duly authorised by him, in this behalf. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No other business shall be transacted at a Special Meeting except as stated in the notice without the consent of four-fifths of the owners present in person. 17. NOTICE OF MEETING:

17.1. It shall be the duty of the Secretary to mail or send a notice of each Annual Meeting, stating the purpose thereof as well as the time and place where it is to be held, to each apartment owner, not more than 21 days prior to such meeting. The mailing or sending of a notice in the manner provided in this bye-laws shall be considered, notice served. Notice of all meetings shall be mailed or sent to the Housing Commissioner or as the case may be to the Sub Registrar. The Notice shall also be displayed on the notice board of the association. No notice shall be requested to be sent with respect of any adjourned meeting. 18. ADJOURNED MEETINGS (other than AGM/SGM)

18.1. If the meeting of the owners cannot be organized because of lack of quorum, owners may adjourn the meeting for 30 minutes and then conduct the meeting. At such adjourned meeting the presence of 50 members shall be considered to form a QUOROM. 19. MINUTES OF THE MEETINGS

19.1. Minutes of all the meetings shall be maintained in a book which should be finalized after each of the meeting and signed by the President/ Secretary . 20. ORDER OF BUSINESS

20.1. The order of business at the Annual General Body Meetings of the association shall be stipulated by an agenda which shall include among other things the following :(a) Roll Call and if required election of the chairman to conduct the meeting. (b) Reading of the notice of the meeting

(c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m)

Condolences Proof of notice of meeting or waiver of notices Reading of minutes of proceeding meeting and confirmation of same. Adoption of Secretarys report Adoption of Treasurers report and Audited report Adoption of Budget for the following year Report of committees Election of Board of Managers. Unfinished business if any New Business/Levy etc., Amendments of any to Rules and Bye-Laws of the association. CHAPTER-IV BOARD OF MANAGERS

21.

MANAGEMENT OF ASSOCIATION

21.1. The affairs of the Association shall be governed by a Board of Managers, elected from among the apartment owners only. 22. POWER AND DUTIES OF BOARD

22.1. The Board of Managers shall have the powers and duties necessary for the administration of the affairs of the Association and may exercise all such acts and things as are not by law or by these bye-laws directed to be exercised and done by the owners. 23. OTHER DUTIES

23.1 In addition to duties imposed by these bye-laws or by resolutions of the Association, the Board shall be responsible for the following that is to say :(a) Care, upkeep and Surveillance of the Apartment and common areas and facilities and the restricted common areas and facilities.

(b)

Collection of monthly assessment from the owners.

(c) Designation, employment, remuneration and dismissal of the personnel necessary for the maintenance and operation of the `KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION common areas and facilities and the restricted common areas and facilities. (d) To provide for the manner in which the audit and accounts of the Association shall be carried out. (e) To inspect the accounts kept by the Secretary and/or the Treasurer and examine the registers and account books and to take steps for the recovery of all sums due to the Association. (f) To sanction working expenses, count cash balance and deal with other miscellaneous business. (g) To see that cash book is written up promptly and is signed daily by one of the members of the Board authorised in this behalf. (h) 24. To hear and deal with complaints.

MANAGER

24.1 The board may employ for the Association a Manager in charge at a remuneration determined by the Board to perform such duties and services as the Board shall authorise including, but not limited to the duties listed in bye-laws. 25. ELECTION AND TERM OF OFFICE

25.1 At the annual Meeting of the association, Committee of management consisting of not more then 16 Members, out of which preferably at least 8 (Eight) owners should be from each of the East and West Block shall be elected from among the Apartment owners, whose term of office shall be fixed for two years. At the end of two years a new board of Managers will be elected for another two years. However out of the new team of Managers at least two shall be, preferably, the out going President and secretary. In Addition a maximum of 3 members can be co-opted by the Managing Committee as and when necessary. However such members will have no voting rights in the Committee Meeting. 26. VACANCIES

26.1 Vacancies in the Committee of Management caused by any reason other than the removal of a Manager by a vote of the Association shall be filled by vote of the majority of the remaining managers even though they may constitute less than a quorum and each person so elected shall be a Manager until a successor is elected at the next meeting of the Association. 27. REMOVAL OF MANAGER

27.1 At any regular or special meeting duly called, any one or more, the Manager may be removed by a 2/3 majority of the apartment owners and a successor may then and there be elected after the member whose removal has been proposed by the 2/3 owners shall be given an opportunity to be heard at the meeting. 28. ORGANISATION MEETING

28.1 The first meeting of a newly elected Committee of Management shall be held within ten days of election at clubhouse. 29. REGULAR MEETING

29.1 Regular meeting of the Board may be held at such time and place as shall be determined from time to time by a majority of Managers, but at least one such meetings shall be held, once every month during each year. Notice of regular meetings of the Board shall be given to each member, personally or by e-mail, at least three days prior to the day named for such meeting. 30. SPECIAL MEETING

30.1 Special Meetings of the Board may be called by the President on three days, notice to each Manager, given personally or by mail or telegram, which notice shall state time, place (as hereinabove provided) and purpose of meeting. Special Meetings of the Board shall be called by the President or secretary in like manner and on like notice on the written request of at least three managers. 31. WAIVER OF NOTICE

31.1 Before or at any meetings of the Board any Manager may in writing, waive notice of such meeting, and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Manager at any meeting of the Board shall be a waiver of notice by him of the time and place thereof. If all the Managers are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting. 32. QUORUM

32.1 At all meetings of the Board, 50% of the total strength of the Committee Members or 8 Members, whichever is higher, shall constitute a quorum for the transaction of business and the acts of the Managers present at a meeting at which quorum is present shall be the acts of the Board. If at any meeting of the Board, there be less than a quorum present, it may adjourn the meeting from time to time and at any such adjourned meeting, any business which might have been transacted at the meeting as originally called may be transacted without further notice provided there is a quorum present. 33. FIDELITY BOND

33.1 The Board may require that all officers and employees of the Association handling or responsible for Association funds shall furnish adequate fidelity bonds. The premium on such bonds shall be paid by the Association. CHAPTER-V OFFICERS 34. DESIGNATION 34.1 The Principal Officers of the Association shall be a President, a Vice President, a Secretary and a Treasurer all of whom shall be elected by and from the Board of Managers. The Board may appoint an Assistant Treasurer and an Assistant Secretary and such other officer as in their judgment may be necessary. 35. ELECTION OF OFFICERS

35.1 The Officers of the Association shall be elected by the Board of Managers at the organization meeting of each new board and shall hold office at the pleasure of the board. 36. PRESIDENT

36.1 The President shall be the Chief Executive Officer of the Association and of the Board, he shall have all the general powers and duties which are usually vested in the office of the President of an Association including, but not limited to the Power to appoint committees from among the owners from time to time as he may in his discretion decide to be appropriate to assist in the conduct of the affairs of the Association. President will have addition vote in the event of a tie in voting in the committee meeting, special interest meeting or AGM. The President can/may cast an additional vote. 37. VICE-PRESIDENT

37.1. The Vice-President shall take the place of the President and perform his duties whenever, the President shall be absent or unable to act. If neither the

President nor the Vice President is able to act the Board shall appoint some other members of the Board so to act on an interim basis. The Vice President shall also perform such other duties as shall from time to time be imposed upon him by the Board. The Board will have the same prerogative of two votes in the event of a Tie, when he or she is a presiding officer. 38. SECRETARY

38.1. The Secretary shall keep the minutes of all meetings of the Board and the minutes of all meetings of the Association, he shall have charge of such books and papers as the Board may direct and he shall, in general, perform all the duties incidental to the office of the Secretary. 39. TREASURER

39.1. The Treasurer shall be responsible for Association funds and securities and shall also be responsible for keeping full and accurate account of all receipts and disbursement in books belonging to the Association. He shall be responsible for the deposit of all money and other valuable effects in the name and to the credit of the Association in such depositaries as may from time to time be designated by the Board of Managers. 40. ASSESSMENT

40.1. All owners are obliged to pay assessments (Maintenance Levy) decided by the Association in their Annual General Body Meeting as may be decided, to meet all expenses relating to the KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION" which may include an insurance premium for a policy to cover repair and re-construction work in case of hurricane, fire and explosion, earthquake or other hazard or calamity. The assessment shall be made pro-rata according to the area of the unit of apartment owned, as stipulated in the deed of Declaration. Such assessments shall include monthly payments to a General operating Reserve and a Reserve fund for replacement. 41. MAINTENANCE AND REPAIRS

41.1. (a) Every owner must perform promptly, all maintenance and repair work within his own unit, which if omitted would effect the KLASSIK BENCHMARK APARTMENT RESIDENTS ASSOCIATION" entirely or in a part belonging to other owners, being expressly responsible for the damages and liabilities that his failure to do so may endanger. (b) All the repairs/maintenance/improvements/usage of internal installations of the units such as water, light, gas, power, sewerage, telephone, air-conditioner, sanitary installations, doors, windows, lamps and

all other accessories belonging to the unit shall be at the expenses of the apartment owner concerned. (c) An owner shall reimburse the Association for any expenditure incurred in repairing or replacing any common area and facility damaged through his or her fault. Cost of repairs/replacements on account of any damage caused to any common property by the residents/ occupants/ guests of the any resident or by their vehicles will be borne by the said resident, based on the estimate provided by the Maintenance Office, and receipt obtained for the same. 42. USE OF FAMILY UNITS-INTERNAL CHANGES

42.1. (a) All apartments or restricted common area shall be utilized for residential purposes only. (b) Commercial activity of any kind is strictly NOT PERMITTED in the residential complex, or the restricted common area. (c) An owner shall not cut, break or in another way tamper with the Beam, Column and roof. He also should not make any alterations, Modifications and installations which will violate the existing rules of Town planning authority. (d) An owner shall not make any other structural modifications (Specifically walls, columns and beams) or alterations in his units or installation located therein without previously notifying the Association after obtaining necessary written approvals from the appropriate authority. The Association shall have the obligation to answer within ten days and failure to do so within the stipulated time shall mean that there is no objection to the proposed modifications, alterations or installations. However, modifications alterations and installations which violate existing rules of any authority including but not limited to BBMP, are not permissible.) 43. USE OF COMMON AREAS AND FACILITIES AND RESTRICTED COMMON AREA AND FACILITIES 43.1. An owner shall not place or cause to be placed in the lobbies, vestibules, stairways, elevators and other areas of KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION" and facilities of a similar nature, both common and restricted, any furniture, packages or objects of any kind. Such area shall be used for no purpose other than for normal transit through them. 44. RIGHT OF ENTRY

44.1. An owner shall grant the right of entry to the Manager in charge or to any person authorised by the Board of the Association in case of any emergency originating in or threatening his unit, whether the owner is present at the time or not. 44.2. An owner shall permit other owners, or their representatives when so required to enter his unit for the purpose of installing, altering or carrying out repairs to the mechanicals or electrical services provided that request for entry are made in advance and that such entry is at a time convenient to the owner. In case of an emergency, such right of entry shall be immediately permitted. 44.3. In case of emergency two members of the board of Management shall decide whether there exist an emergency or not, and initiate appropriate action along with Security Supervisor. 45. RULES OF CONDUCT:

45.1. No resident of the Association shall post any advertisement or posters or sign boards of any kind in or on the building except as authorised by the Association. 45.2. Residents shall exercise extreme care about making noise or the use of musical instruments radios, television and amplifiers that may disturb others, Residents keeping domestic animals/pets shall abide by the Municipal Sanitary byelaws or regulations. 45.3. It is prohibited to dust carpets, rugs, etc., from the windows corridors or to clean rugs, etc., by beating on the interior part of the said building. 45.4. It is prohibited to throw garbage or trash out-side the disposal installations provided for such purposes in the service areas. If such installation is not provided all garbages or trash shall be collected in a vessel or bag and thrown in the dust bin. 45.5. No owner, resident or lessee shall install wiring for electrical or telephone installation, television, antennae, machines or air conditioning unit, etc., on the exterior of the building or which may protrude through the walls or the roof of the building except as authorised by the Association. 45.6. It is prohibited to hang garments, rugs etc., from the windows, balconies, private terrace or any of the facades and not to close the balconies. 45.7. Watering of plants shall be such that it shall not spill or drop down the balconies. 45.8. Every Vehicle driver shall keep his/her vehicle at safe speed(< 15 km/hr) while driving in the premises of the building.

45.9. Clearing of balconies by pouring water and letting the water into the common area and also in an apartment owners area is prohibited. 45.10. No animal sacrifice of any kind is permitted within the complex. 45.11. Pets. The Committee may require an owner to cease keeping a pet, if it has been the cause of reasonable complaint from one or more owners. Pets shall always be accompanied with the residents and not strictly allowed in childrens play area and other landscaped (Lawn Area) at all times. It is always the responsibility for residents to control the pets movement inside the apartment premises. Nuisance of any magnitude caused by pets to the neighbors or to residents of the apartment, the committee decision shall be final in such reported cases or instances. Resident responsibility to take the pets out of the premises for natural calls of the pets and pets should be properly vaccinated and should be free from all infections at all times. 45.12. Vehicle drivers should not block parked vehicles or parking space belonging to other owners. 45.13. In order to prevent nuisance/disturbance or obstruction of way, any heavy duty, medium duty or light carriage vehicle parking is prohibited in covered or open areas or any where inside the compound of the building. 45.14. In order to prevent unreasonable disturbance to residents of the building the children playing time in the common area shall be restricted by the management committee by issuing notification which shall be strictly adhered to by all the residents/ wards/ guests/ servants etc. 45.16. The car owner shall display the emblem given by the association on the front of the widescreen of their cars and prominently on scooters/ motorcycles other vehicles. 45.17. No owner/ resident shall under any circumstance, threaten, abuse, reprimand, assault or in any other way take up with the staff employed by the Association or employed by the Maintenance Agency, but may report any misbehavior, or neglect of duty by them, to the committee. CHAPTER-VII FUNDS AND THEIR INVESTMENTS 46. FUNDS

46.1. THE CORPUS OF THE ASSOCIATION WILL BE THE SUM TOTAL OF MAINTENANCE DEPOSIT PAID TO THE BUILDER BY ALL THE 240 OWNERS. 46.2. Funds may be raised by the Association in all or any of the following ways, namely : (a) (b) By shares By contribution and donations from the apartment owners

(c) From common profits which shall form the nucleus of the Reserve Fund; (d)
(e) (f)

Bank Interest on Deposit

Maintenance Levy Charges. Any other mode of adhoc deposits.

47.

INVESTMENT

47.1. The Association may invest or deposit its funds in one or more of the following: (a) Any public sector / Private Sector Bank limited to HDFC Bank, Karnataka Bank, Karur Vysya Bank, ING Vysya Bank and Axis Bank or any other banks as may be decided by the committee with proper reasoning considering the best interest of the Association funds safety as primary objective. (b) In any of the securities specified in section 2 of the Indian Trust Act, 1882 ; or 48. AFFILIATION

48.1. Should there be any Federation of Apartment Owners Bye-laws in KLASSIK BENCHMARK APARTMENT Residents Welfare Association may, become a member thereof and pay the sums from time to time payable to such federation under the rules thereof.

49.

ACCOUNTS

49.1. Every financial statement shall be accompanied by a complete list of the apartment owners. These shall also accompany the financial statement a similar list of loanees. The financial statement shall state upto what date profits and expenses of common areas are included. 49.2. A Banking account shall be opened by the Association into which all moneys received on behalf of the Association shall be paid, provided that the Member in charge may retain in his personal custody and the minimum amount of Rs. 5,000/- (Rupees Five Thousand Only) for petty expenses. All payments above Rs. 500/- (Rupees Five Hundred Only) shall be made by cheques issued and signed by the Treasurer and one another member of the Committee of Management. 49.3. The Association shall on or before 31st Dec in each year publish an audited annual financial statement in respect of the common areas and facilities containing. (a) The receipts and expenditure of the previous financial year and

(b) A summary of the property and assets and liabilities of the common areas and facilities of the Association, giving such particulars as will disclose the general nature of these liabilities and assets and how the value of fixed assets has been arrived at. 49.4. The audited financial statement shall be open to the inspection of any member of the Association during the office hours and in the office of the Association and a copy thereof, shall be submitted to the competent Authority not later than 15th Jan, every year. 49.5. The audited financial statement shall be open to the inspection of any member of the Association during the office hours and in the office of the Association and a copy thereof, shall be submitted to the competent Authority not later than 15th Jan, every year. 50. UBLICATION OF ACCOUNTS AND REPORTS:

50.1. Copy of the last financial statement and of the report of the auditor, if any shall be kept in a conspicuous place in the office of the association. 51. APPOINTMENT OF AUDITORS

51.1. The association shall appoint at its general meeting, an auditor who shall audit the accounts of the association to be prepared by the Board as hereinbefore provided and shall examine the annual return, and verify the same, with the accounts relating thereto and shall either sign the same as found by him to be

correct, duly vouched and in accordance with law, or specially report to the Association in what respect he finds it incorrect, un-vouched or not in accordance with law. 52. POWER OF AUDITOR

52.1. The auditor shall be entitled to call for and examine any papers or documents belonging to the Association relating to the common areas and facilities (including limited common areas and facilities) and common expenses and receipts and shall make a special report to the Association upon any matter connected with the accounts which appears to him to require notice. 52.2. The Managing Committee may seek the services of an Internal Auditor, if they deem necessary. CHAPTER-VIII MORTAGAGES 53. NOTICE TO ASSOCIATION

53.1. An owner who mortgages his unit, shall notify the Association through the Member, if any, or the President of the Board in the event there is no Manager, the name and address of his mortgage and the Association shall maintain such information in a book entitled "MORTGAGEES OF UNITS". 53.2. In case of sale, transfer or mortgage or the owner shall pay up all the dues of the Association and obtain no due certificate, failing which the transferee shall have to pay all the dues and charges before he could join the membership of the Association. 54. NOTICE OF UNPAID ASSESSMENTS:

54.1. The Association shall at the request of the mortgage of a unit report any unpaid assessment due from the owner of such unit. CHAPTER-IX 55. COMPLIANCE

55.1 These bye-laws are set forth to comply with the requirements of the Karnataka Apartment Ownership Act, 1972. In case of these bye-laws conflict with the provisions of the said Act, it is hereby agreed and accepted that the provisions of the Act will apply. 56. SEAL OF THE ASSOCIATION

56.1. The association shall have a common seal which shall be in the custody of the Secretary, and shall be used only under the authority of the resolution of the Board of Managers and every deed of instrument to which the seal is affixed shall be attested for or on behalf of the Association by two members of the Board and the Secretary or any other person authorised by the Association in that behalf. CHAPTER-X AMENDMENTS TO PLAN OF APARTMENT OWNERSHIP 57. AMENDMENT OF BYE LAWS

57.1. These bye-laws may be amended by the Association in a duly constituted meeting for such purpose and no amendment shall take effect unless approved by members of the Association representing at least 75 per cent, of the total members in the "KLASSIK BENCHMARK APARTMENT RESIDENTS WELFARE ASSOCIATION" as shown in the Declaration. 57.2. Consent to Amendment to Bye Laws, deletion or addition, may be obtained from members, BY EMAIL and if 50 percent of apartment owners give their consent, The Amendments shall be incorporated. IN WITNESS WHERE OF We have hereunto set our respective hands on this .. Day of October 2011. WITNESSES: