Clarification required please
padma
(Querist) 14 July 2012
This query is : Resolved
Sir, One of the experts had stated the following" the society is absolutely correct . a flat has to be held for period of one year by member . in case such flat is sold society wont transfer the flat in name of purchaser" Sir,I would like to know under which bye-law/act of the Co-operative society act this falls. In this particular case the person from whom I had purchased this flat had purchased the same in March 2011, but was transferred in his name only in jan 2012, and again he sold the same to me in April 2012. please clarify this issue.
Thanks
Padma
ajay sethi
(Expert) 14 July 2012
"Section 29 - Restrictions on transfer or charge of share or interest .- (1) Subject to the provisions of the last preceding section as to the maximum holding of shares and to any rules made in this behalf, a transfer of, or charge on, the share or interest of a member in the share capital of a society shall be subject to such conditions as may be prescribed.
(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
ajay sethi
(Expert) 14 July 2012
since the seller in present case has been admitted as member only in january 2012 he cannot sell the flat for period of 1 year .
under section 29(2) of mahrashtra cooperative societes act flat cnanot be transferred if he has held the flat for less thn a year .
hence i had earlier in my reply to your query mentioned that society is perfectly right in refuisng to transfer share in flat
