selling flat within a year of membership in CHS

Querist : Anonymous (Querist) 24 June 2011 This query is : Resolved
I want to purchase a flat from a seller who is having a flat in cooperative housing society in MAHARASHTRA. His membership will become one year this 21st November2011.
Some well wisher told me that unless the flat owner completes one year of membership in the said society, he cannot sell the flat(transfer the shares) under Maharashtra cooperative society rules.
I find this rule strange. Is this true?

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prabhakar singh (Expert) 25 June 2011
this Is true. Under the Maharashtra Co-operative Societies Act 1960, a housing society is free to adopt its own set of laws that governs its members. These are called bylaws and are limited to Maharashtra state. Bylaws are the rules that govern a co-operative society and its members and these undergo changes from time to time through amemdments whenever the government feels the need for changes.

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