Society Registration Act 1860

sood (Querist) 01 March 2010 This query is : Resolved
A Society registered under the Act is running two independant schools on land alloted by the State Government in Chandigarh and Punjab. Since the land is by allotmment, sale and transfer is not allowed. Now some memberes of the society want to run one school independantly and under a separate society. At present the balance sheets of the respective schools are being separately made and the excess of Income is transferred to the Society for the purpose of filing of IT returns.
Is it possible to transfer the school to a new society

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R.R. KRISHNAA (Expert) 01 March 2010
Yes possible. Form a new society and handover the control of the school to the new society.

niranjan (Expert) 01 March 2010
I understand that the society who is granted land by the govt.with a condition not to transfer,should first obtain permission of the collector.

Kumar Thadhani (Expert) 03 March 2010
You can very well form the new society and can prepare an can bifurate accounts for both separately and file IT returns for both separately.

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