(a) A member, desiring to transfer his shares and interest in the capital/property of the Society shall give 15days notice of his intention to do so to the Secretary of the Society in the prescribed form, along with the consent of the proposed transferee in the prescribed form.
(b) On receipt of such notice, the Secretary of the Society shall place the same before the meeting of the committee, held next after the receipt of the notice, pointing out whether the member is prima-facie eligible to transfer his shares and interest in the capital/property of the Society, in view of the provisions of Section 39 (2) (a) of the MCS Act 1960.
(c) In the event of ineligibility of the member to transfer his shares and interest in the capital/property of the Society, the committee shall direct the Secretary of the society to inform the member accordingly within 8 days of the decision of the committee.
(d) “No Objection Certificate” of the Society is not required to transfer the shares and interest of the transferor to the transferee. However in case such a certificate is required by the transferor or transferee, he shall apply to the society and committee of the Society may consider such a application on merit within one month.
(e) The Transferor/ Transferee shall submit following documents and make the compliance as under:
- application for transfer of his shares and interest in the capital/property of the Society, in the prescribed form along with the original share certificate;
- application for membership of the proposed transferee in the prescribed form,
- resignation of outgoing member in the prescribed form byelaws No.27 (a) Appendix No. 13
- Registered agreement duly stamped.
- valid reasons for the proposed transfer.
- undertaking to discharge the liabilities to the society by the transferor;
- payment of the transfer fee of Rs. 500/-.
- remittance of the entrance fee of Rs. 100/- payable by the proposed transferee.
- Payment of amount of premium at the rate to the fixed by the general body meeting but within the limits as prescribed under the circular, issued by the Department of Co-operation Goverment of Maharashtra from time to time. No additional amount towards donation or contribution to any other funds or under any other pretext shall be recovered from tranferor or transferee.
- submission of ‘No objection’ certificate, required under any law for the time being in force or order or sanction issued by the Government, any financing agency or any other authority.
- the undertaking/declaration in compliance with the provisions of any law for the time being in force in such form as is prescribed under these bye-laws.
Note: The condition at Sr. No. (ix) above shall not apply to transfer of shares and interest of the transferor in the capital/property of the society to the member of his family or to his nominee or his heir/legal representative after his death and in case of mutual exchange of flats amongst the members or a registered gift deed executed by the member.
(a) The procedure for disposal of applications for transfers of shares and/or interest of members in the capital/ property of the society as laid down under the bye law No.65 shall be followed by the secretary and the committee of the Society.
(b) A meeting of the committee or the general body, as the case may be, shall not refuse any application for admission to membership or transfer of shares and interest in the capital/property of the Society except on the ground of non compliance of the provisions of the Act, the Rules and the Bye-laws of the Society or any other law or order issued by the Government in exercise of the statutory powers vested in it.
(c) If the decision of the Committee/General Body Meeting as the case may be, on the application for transfer of shares and /or interest in the capital/property of the society is not communicated to the applicant within 3 months of its receipt, the transfer application shall be deemed to have been accepted and the transferee shall be deemed to have been admitted as a member of the society as provided under Section 22(2) of the Act.
(d) The transfer made in contravention of the Act, Rules or the bye-laws shall be void and not be effective against the society.
The transferee shall be eligible to exercise the rights of membership on receipt of the letter in the prescribed form from the Society; subject to the provisions of the MCS Act 1960 & Rules made thereunder.
FOR MORE DETAILS CALL:
Adv. Gajanan Rahate
E_mail: [email protected]