Transfer of membership in chs ltd.


I am purchasing one flat from existing member of Durga Society at Mumbai. His name is recorded six month back in share certificate. Whether Agreement for purchase of flat between him and me is Valid before exipiry of one year of period of membership incorporated in share certificate ? Whether Society will Transfer share Certificate in my name or reject the Agreement as Void ? Is there any legal provisions or Judgement?

 
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FIN

Pursue society bye laws and relate with Model Bye Laws.

 
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ha21@rediffmail.com Mumbai : 9820174108

1.  IRRESPECTIVE of the date of agreement, Society can transfer membership ONLY after one year from previous membership under section 29 of the MCS Act.


Keep Smiling .... Hemant Agarwal
VISIT:  http://www.maharashtra-society-help-forum.com

 
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FIN

Agreed with Mr. Hemant Agarwal

 

29. Restrictions on transfer or charge of share or interest:

(2) A member shall not transfer any share held by him or his interest in the capital or property of any society, or any part thereof, unless-

(a) he has held such share  or interest for not less than one year;

 

http://www.lawzonline.com/bareacts/maharastra-co-operative-societies-act/section29-maharastra-co-operative-societies-act.htm

 

 

 

 
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