Tuesday, 1 May 2018

Transfer of Shares and interest in Housing Society

Transfer of Shares and interest in the Capital/Property of the Society -Bye Law 38

a. A Member, desiring to transfer his shares and interest in the capital/property of the Society shall give 15 days' notice of his intention to do so to the Secretary of the Society in the prescribed form, along with the consent of the proposed transferee in the prescribed form.

b. On receipt of such notice, the Secretary of the Society shall place the same before the meeting of the Committee, held next after the receipt of the notice, pointing out whether the Member is prima-fascia eligible to transfer his shares and interest in the capital/property of the Society, in view of the provisions of Section 29(2)(a) of the Act.

c. In the event of ineligibility (in view of the provisions of section 29(2)(a) & (b) of the act) of the Member to transfer his shares and interest in the capital/property of the Society, the Committee shall direct the Secretary of the Society to inform the Member accordingly within 8 days of the decision
of the Committee.

d. No Objection Certificate" of the Society is not required to transfer the shares and interest of the transferor to transferee. However in case such a certificate is required by the transferor or transferee, he shall apply to the Society and Committee of the Society may consider such application
 on merit, within one month.

FLAT TRANSFER DOCUMENT CHECK LIST


Documents required for transfer of a flat in a co-operative housing society:

Sr No
Form/Application
Bye Law Ref. No.
Description
Society Manager
Chairman
Secretary
Treasurer

Verified By any one of above
1
Notice of Intention/Application to Transfer

Letter from member with all forms




2
Original Agreement Copy

Photocopy of Agreement of Original members with stamp duty, receipt copy and Index-2




3
New Agreement Copy

Photo copy of New sale agreement duly register, stamp duty paid receipt & Index-2




4
Transfer Fee
38 (e ) (vii)
Rs 500 Cheque only




5
Membership Fee & Form
38 (e ) (viii)
Rs 100 if one member else Rs 200 for 2 member




6
Transfer Premium
38 (e ) (ix)
Rs 20,000 or Rs 25,000 as per society AGM




7
Form 20 (1 )
38 (a )
A form of Notice of, intention of a member to transfer his shares & interest in the capital/property of the society




8
Form 20 (2 )
38 (a )
A form of letter of consent of the proposed Transferee for the transfer of shares & interest of the member (Transfer ) to him (Transferee)




9
Form 21
38 (e ) (i)
Form of application for transfer of shares & interest in the capital/property of the society by the transferor




10
Form 23
38 (e) (ii)
Form of application for membership of the society by the proposed transferee




11
Form 14
32
Form of nomination in triplicate




12
Resignation Letter

From original Member




13
Form 25
38 (e ) (xi)
Form of declaration for not holding immovable property under the ULC Act.




14
Form 26
40
A form of intimation by the society to the transferee about exercise of right of Membership by him.





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