Section 14(8) in The U.P. Apartment (Promotion Of Construction, Ownership And Maintenance) Act, 2010
(8)The bye-laws framed under sub-section (5) may also contain provisions, not inconsistent with this Act -(a)enabling the Board to retain certain area 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, 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 of Apartment Owners and of the Board, and of the administration of the property;(c)specifying the times at which and the manner in which annual general meetings and special general meetings of the Association of Apartment Owners 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 of Apartment Owners shall be submitted;(e)specifying the manner in which the income derived and expenditure incurred by the Association of Apartment Owners shall be dealt with or as the case may be, accounted for.
