Section 20(5) in The Punjab Apartment Ownership Act, 1995
(5)The bye-laws framed under sub-section (2) may also contain provisions, not inconsistent with the provisions of the Act,-(a)enabling the Board subject to the building regulations to retain certain areas of the building for commercial purposes and to grant lease of the areas so retained, and to apply the proceeds of such lease for the reduction of the common expenses for maintaining the building and the common areas and facilities, and if any surplus is left after meeting such expenses to distribute such surplus to the apartment owners as income;(b)relating to the audit of the accounts of the association and of the administration of the property;(c)specifying the time at which and the manner in which annual general meetings and special meetings of the association shall be held and conducted;(d)specifying the time at which and the manner in which the annual report relating to the activities of the association shall be submitted;(e)specifying the manner in which the income derived and expenditure incurred by the association shall be dealt with, or, as the case may be, accounted for.
