Pradeep Nandlal Dave (Not applicable) 25 April 2025

Gift deed

On submitting gift deed for trasfer of name in share certificate, what are the legal procedures should Co operative Housing Society Ltd situated in Mumbai suburb has to follow.

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This discussion outlines the legal procedures a Co-operative Housing Society in Mumbai must follow when a gift deed is used to transfer a name on a share certificate. The process involves the donor applying for the transfer and potentially providing a No Objection Certificate (NOC) to the society. The transfer is only effective if it complies with the society's bye-laws, includes a 15-day written notice with transferee details, ensures all transferor liabilities to the society are settled, and is formally registered in the society's books.

2 Replies

T. Kalaiselvan, Advocate (Advocate) 26 April 2025

You can give an applicaiton for transfer of share certificate from the name of the owner to that of the beneficiary of the registered gift deed.

The donor can additionally give NOC to the society.

Dr. J C Vashista (Advocate ) 27 April 2025

24. Procedure for transfer of shares.

(1)No transfer of shares shall be effective unless,-

(a)it is made in accordance with the provisions of the bye-laws;

(b)a clear fifteen days' notice in writing is given to the society indicating therein the name of the proposed transferee, his consent, his application for membership, where necessary, and the value proposed to be paid by the transferee;

(c)all liabilities of the transferor due to the society are discharged; and

(d)the transfer is registered in the books of the society.

(2)Any charge in favour of the society on the share so transferred will continue unless discharged otherwise.