Short Answer

If a redevelopment project is approved and then later revoked due to reasons such as insufficient funds, the approvals granted and the money spent would be subject to the provisions of the Gujarat Cooperative Societies Act, 1961 and the Gujarat Cooperative Societies Rules, 1965.

Detailed Explanation

Section 63 of the Gujarat Cooperative Societies Act, 1961 empowers the Registrar to cancel the registration of a cooperative society if it fails to commence working or ceases to function. In the case of a redevelopment project, if the society fails to proceed due to lack of funds or any other reason, the Registrar may revoke the approvals granted for the redevelopment. This can lead to the project being halted and the society reverting to its original state.

Furthermore, Rule 103 of the Gujarat Cooperative Societies Rules, 1965 lays down provisions for the utilization of funds by cooperative societies. If a redevelopment project is revoked, the society may need to account for the funds spent during the approval and initial stages of the project. The society would be required to follow the rules and procedures set out in the Act and Rules for the proper utilization and accounting of funds.

Practical Examples

• Scenario 1: A cooperative housing society obtains approval for redevelopment but faces a financial crisis leading to the revocation of the project. The Registrar cancels the approvals, and the society must return any unused funds to the members or allocate them as per the Act and Rules.

• Scenario 2: A cooperative society initiates a structural repair project but fails to complete it due to insufficient funds. The Registrar revokes the approvals, and the society must provide a detailed account of the funds spent and the actions taken.

Reference

• Section 63 of the Gujarat Cooperative Societies Act, 1961

• Rule 103 of the Gujarat Cooperative Societies Rules, 1965