Pls find this valuable information for your kind perusal.
Regards
J.S.Brara
Gen Sec-ACRI (Association of Certified Realtors of India)
25th March, 2011 Source:The Economic Times
A housing society is a society set up to provide its members with open plots to build houses, readymade houses or flats, or to provide its members with common amenities and services. Society means a co-operative society registered, or deemed to be registered, under the Society Registration Act. A member of a housing society is a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership after registration, and includes a nominal, associate or sympathiser member. An associate member is a member who jointly holds a share in the society with others, but whose name does not stand first in the share certificate.
Transfer of property in society
The Economic Times
A housing society is a society set up to provide its members with open plots to build houses, readymade houses or flats, or to provide its members with common amenities and services. Society means a co-operative society registered, or deemed to be registered, under the Society Registration Act. A member of a housing society is a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership after registration, and includes a nominal, associate or sympathiser member. An associate member is a member who jointly holds a share in the society with others, but whose name does not stand first in the share certificate.
A member waning to transfer his shares and interest in the capital or property of a society should give 15 days notice of his intentions to do so to the secretary of the society on the prescribed form, along with the consent of the proposed transferee, also on the prescribed form. On receipt of the notice, the secretary of the society will place it before the meeting of the committee, held next after the receipt of the notice, pointing out to whether the member is prima facie eligible to transfer his shares and interest in the capital or property of the society.
In event of ineligibility of the member to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly within three days of the decision of the committee. If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly.
PROCEDURE TO BE FOLLOWED BY THE MEMBER
Submit an application for transfer of his shares and interest in the capital or property of the society, on the prescribed form, along with the share certificate. Submit an application for membership of the proposed transferee on the prescribed form. Give valid reasons for the proposed transfer Discharge all the liabilities of the society Pay the transfer fee Remit entrance fee payable by the proposed transferee. Pay the premium at a rate to be fixed by the general body. This will not apply to transfer of shares and interest of the transferor in the capital or property of a society to a member of his family, his nominee or to his legal representative. Submit a no objection certificate as required under any law. The managing committee or the general body will not refuse an application for admission to membership or transfer of shares and interest in the capital or property of a society except on the grounds of non-compliance of the provisions of the Act, the rules and byelaws of the society or any other law or order issued by the government.
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