Model By–Laws of Cooperative Housing Society
XII. MANAGEMENT OF THE AFFAIRS OF THE SOCIETY (Bye Law No 110 to 140)
Bye Law No 116. Prohibition against being interested in the Society
No Officer of the Society shall have any interest, directly or indirectly, otherwise than as such officer: (a) In any contract made with the Society.(b) In any property sold or purchased by the Society. (c) In any other transaction of the Society, except as investment made in or loan taken from the Society for provision of residential accommodation by the Society to any paid employee of the Society.