Section 17(6) in West Bengal Apartment Ownership Bye-laws, 1974
(6)(a)An Association shall, as soon as may be, establish reserve fund out of the common profits, if any;(b)the reserve fund shall belong to the Association and be indivisible and no member shall have any claim to a share in it;(c)the reserve fund may be used for any purpose that may be sanctioned by the two-thirds majority of the members of the Association, if the Competent Authority so permits;(d)the reserve fund may be invested in any of the ways referred to in clause (4).
