Clarification about section 29 of mcs act

Atul Joshi (Querist) 08 February 2016 This query is : Resolved
Hi,
I am planning to purchase a resale flat in Mumbai. The original owner died in 2015 and the flat was transferred to her heirs in sept 2015.
I am buying it from the heirs. However as per section 29 they cannot sell it for one year and hence my name will not be added to the share certificate till sept 2016. Is there any exception to this law since the original name change was by transmission and no sale was involved. I would really appreciate some clarity on this. Thanks

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P. Venu (Expert) 09 February 2016
What is MCS Act?

Atul Joshi (Querist) 09 February 2016
Maharashtra cooperative societies act

Hemant Agarwal (Expert) 10 February 2016
1. The criteria of one year under the MCS Act, is applicable to NEW membership transfers "due to sale-purchase deed"

Keep Smiling .... Hemant Agarwal
www.maharashtra-society-help-forum.com

Atul Joshi (Querist) 11 February 2016
Pls tell me an authentic source of this rule. The lawyer of the bank whom I have applied for a loan refuses to accept this argument and my loan application is stuck due to this

T. Kalaiselvan, Advocate (Expert) 14 February 2016
Have you got registered sale deed in your name?
If this bank refuses, you may approach another bank, but did you get a legal opinion before purchasing the property?

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