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Vijay Ishwar Chavan   09 December 2016

Transfer of membership in chs ltd.

I am purchasing one flat from existing member of Durga Society at Mumbai. His name is recorded six month back in share certificate. Whether Agreement for purchase of flat between him and me is Valid before exipiry of one year of period of membership incorporated in share certificate ? Whether Society will Transfer share Certificate in my name or reject the Agreement as Void ? Is there any legal provisions or Judgement?



Learning

 3 Replies

Kumar Doab (FIN)     09 December 2016

Pursue society bye laws and relate with Model Bye Laws.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     13 February 2017

1.  IRRESPECTIVE of the date of agreement, Society can transfer membership ONLY after one year from previous membership under section 29 of the MCS Act.


Keep Smiling .... Hemant Agarwal
VISIT:  https://www.maharashtra-society-help-forum.com

Kumar Doab (FIN)     13 February 2017

Agreed with Mr. Hemant Agarwal

 

29. Restrictions on transfer or charge of share or interest:

(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;

 

https://www.lawzonline.com/bareacts/maharastra-co-operative-societies-act/section29-maharastra-co-operative-societies-act.htm

 

 

 


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