RIGHTS OF MANAGING COMMITTEE

AGM are held once in 12 months. Eg. - AGM held on 14-08-2006 - next AGM due on 14-08-2007 (that is within 12 months) - Transfer forms submitted to MC on 20-08-2006 Under the Maharashtra Cooperative Socities Act, u/s 22 & u/s 23, once Property Transfer Forms are submitted to the Managing Committee (MC), the MC has to intimate the new buyer within 90 days or ELSE the new buyer is DEEMED to be the member of the society. i.e. - on 20-11-2006, the new buyer is DEEMED to be the member of the society. (This is the LAW under the above section under the MCS Act. NOW... - The MC loses its jurisdiction to do anything after 90 days, regarding the membership. - The AGM (inspite of being Supreme) loses its jurisdiction to do anything after 90 days, regarding approval of the new membership. - The AGM approval is only an appriasal of the MC committee decision and on its on the AGM does not have any power to negativate section 22 & 23 of the MCS Act. THE MC has power ONLY to accept the new buyers documents, check for appropriate fulfillment of conditions under the MCS Act and its by-laws. THE MC on its own does not have any power to Transfer any property, without putting it in its AGM agenda and having it approved by the AGM (general body) In other words, with the above logic, without the apprasial of the General Body (AGM), the MC on its own CANNOT transfer property in the new buyers name, BUT subject to the MCS Act. However everything above can be OVER-Rided by the Registrar (cooperatives), under his vast dictatorial supreme powers. Keep Smiling ... Hemant Agarwal