Nature of the document and sd payable
kavksatyanarayana
(Querist) 13 May 2012
This query is : Open
Expert Sirs,
A Memorandum of Understanding(MOU) is executed between two parties viz "A" and "B". A(1st party)is an individual person. But B(2nd party) is a Managing Director of an Educational Society which consists more than 7 members in the society. But in fact it was not mentioned in the deed and simply written as MD of an Educational Society. And the said Educational society consists Nursing school, training institute and hospitals. It is recited in the agreement that:
(1) the first party"A" is willing to take over the nursing school, taining institute and hospitals after paying its deeds and hand loans shown by the 2nd party in maintaing the same till date.
(2) the second party "B" is willing to handover the same by withdrawing all members from the society and allowing the required number of members to be admitted as members in the society by the resolution of EC and GB of the society and by handing over the documents and properties of the society to the first party "A".
(3) the 2nd party agreed to clear all the liabilites before the date of registration of this MOU and if necessary or urgency the 1st party to clear such payments and the 1st party is having every right to recollect the same from the 2nd party, with other conditions.
with the above recitals, please let me know that the above MOU comes to which classification/nature and payable stamp duty. please give valuable opinion.
thank you experts.
kavksn, SR/Supdt(retired), kavksn@india.com
