TRANSFER OF PROPERTY IN SOCIETY

Posted on Friday, October 29, 2010 at 20:25 in Commercial Space - Post Comment

Ahousing 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 willplace 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 
    Furnish an undertaking or declaration if required by 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 bye-laws of the society or any other law or order issued by the government. 
    If the decision of the committee or general body, on the application for the transfer of shares and interest in the capital or property of a society is not communicated to the applicant within three months of its receipt, the transfer application is deemed to have been accepted and the transferee will be deemed to have been admitted as a member of the society. 
    Any transfer made in contravention of the Act, rules or the bye-laws will be void and will not be effective against the society. A transferee will be eligible to exercise the rights of membership on receipt of a letter on the prescribed form from the society to that effect

Courtesy Times Property dtd:-23/10/2010

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