February 2020 - Page 8 of 9

LAWYERS FOR REGISTRATION OF HOUSING SOCIETY IN THANE

LAWYERS FOR REGISTRATION OF HOUSING SOCIETY IN THANE:

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.
But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.
We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.
We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.
Our specialized services include:
• Initial screening
• Gap identification and ratification
• Process documentation and finalization
• Dispute resolution
• Society name reservation at respective co-operative departments
• Account formation and legal documentation

By admin|February 4th, 2020|LAWYERS FOR REGISTRATION OF HOUSING SOCIETY IN THANE|Comments Off

Essential Elements in a Conveyance Deed

The term “Deed” means a written legal contract that binds the parties to its terms and can be proved in the court as evidence.
The term ‘Conveyance’ is used when there is transfer of ownership or legal title in a property from one person to another. Hence, a conveyance deed is a legal document between a transferor and a transferee, which proves that a title or ownership in the property along with all other rights related to the property have been transferred from one person to another.
It informs that the property is free from any restrictions and disputes. Both parties sign it and it can be produced in a court if any dispute relating to the agreement arises in future.
However, a conveyance deed is a wide term which not only includes a sale of the property but also other kinds of transfers such as gift, exchange, lease, mortgage, relinquishment and other transfers.
A conveyance deed is valid only when the property is sold for a valid consideration (usually money) except in the case of a gift deed which results out of love and affection.
It can be signed for either movable or immovable property.
A conveyance deed is executed in accordance with the legal provisions under the Transfer of Property Act 1882, Registration Act 1908 and Indian Stamp Act, 1899.
In order to be valid and acceptable in a court, a conveyance deed needs to contain some essential elements. For instance, it must:
* Establish exact boundaries of the property to avoid any dispute relating to land ownership,
* State that all the rights relating to the property have been transferred along with the property,
* Provide details regarding delivery and acceptance of the property,
* State all terms and conditions relating to the transfer,
* Be made on a non-judicial stamp paper and signed by both parties,
* Mention full names, addresses and other requisite details of the seller and the buyer,
* State that the property is free from any disputes and restrictions,
* Be signed by at least two witnesses
* Be in writing and notarized, and
* Be registered through the local registrar’s office by submitting appropriate registration fee. Registration is proof that the property is free from any disputes and has been transferred to the buyer permanently with a clean title.
Once the registration is complete, the buyer becomes the absolute owner of the property and the conveyance process gets over officially. A lawyer and a real estate agent can help two parties compose, sign, and register a deed of conveyance during a transaction. The government obtains its revenue from the stamp duty and registration fees.

By admin|February 4th, 2020|Essential Elements in a Conveyance Deed|Comments Off

DEEMED CONVEYANCE PROCEDURE FOR CHS BECOMES EASY

The Maharashtra government has relaxed the terms for the deemed conveyance (DC)-ownership right of plot certificate from the builder, by bringing down the number of documents required from 12 to 8 and stipulating that DC will be given even if the society does not have an Occupation Certificate (OC) or the Building Completion Certificate (CC).
It is mandatory for land-owners or developers to convey the title of the plot within four months of the formation of the housing society. In many cases, the builders fail to convey the title of properties to the housing societies, in the hope of availing more floor space index (FSI) that may become available in future, or to avail the benefits accrued to them in case the property is redeveloped.
If the builder fails to convey the property, the Maharashtra Ownership Flats Act (MOFA) allows societies to apply for DC. However, having OC was mandatory and was insisted upon by the officials of the cooperative registrar’s office. OC is given only when the building is complete in all respects and has complied with the mandatory norms laid down by the government authorities to make it ready for occupation. Since most of the builders abandon the projects before complying with the norms and conditions, OCs are not given to the societies. Developers just hand over the possession and exit the project, leaving the residents high and dry.
However now, the DC will be issued even if housing societies have submitted such documentary evidence as the formation of the society or the payment of property tax by the society.
As per the GR issued on 22 June 2018, by the state cooperation department, it has been made mandatory for the registrar of cooperative societies to register documents of the applicants within a day. Besides, as per the Maharashtra Right to Public Services Act, 2015, the DC should be issued within six months. If an official fails to provide and approve it within the prescribed period, then he or she will be penalized between Rs. 500 and Rs. 5,000/-
The applicants should submit the applications with a court fee of Rs 2,000. In case the FSI has already been consumed, a certificate of an architect that the total FSI has been consumed would suffice. In addition, they have to give an indemnity bond stating that they will take responsibility for the building and adhere to all required rules and regulations. If there are more than one society on one plot, the details of proportionate area and ground coverage should be furnished.
The documents required for conveyance include society registration certificate, approved layout, 7/12 extract, sale deed of each flat owner or heir document, list of registered members of the society, occupation certificate, non-agriculture certificate of that particular plot and notice copy etc. In the absence of sale deeds of all members, the sale deed of even one member would be sufficient, states the GR.
While submitting the conveyance application and documents to the registrar, a copy of the same application also needs to be submitted to the stamp duty and registration department for its speedy approval. The applications will be accepted online as well as offline. The officials of the concerned department such as urban, cooperative, forest and revenue department will have to work in unison so that the applicants are not required to shuttle from one department to another.
The system of issuing DC was started three years ago. However, due to stringent conditions there was no response from cooperative societies. Commenting on the issue, Ramesh Prabhu, Chairman, Maharashtra Societies Welfare Association said “This was a positive step. In many cases, the builders exited the project without getting the OC, and the residents had to bear the brunt. This relaxation will ensure that majority of the societies get deemed conveyance. By a fair estimate over 10,000 cooperative housing societies in Mumbai and neighboring areas, are yet to get the DC. Now they should come forward to take advantage of these relaxed norms.”
There are a sizable number of housing societies in Mumbai that are struggling to get the DC. In absence of DC, redevelopment of some of the societies has been delayed. Some of the developers used to sell the flats till they held the ownership right of the layout and were misusing this right, causing impediment in the way of redevelopment.

By admin|February 4th, 2020|DEEMED CONVEYANCE PROCEDURE FOR SOCIETY BECOMES EASY|Comments Off

CONVEYANCE / DEEMED CONVEYANCE OF THE PROPERTY, AND REDEVELOPMENT AND REPAIRS/MAINTENANCE OF THE PROPERTY

a. The committee shall with the approval of General Body, take necessary steps for Conveyance/Deemed Conveyance of the land/building/buildings in favour of the Society.
b. The Committee shall examine, in consultation with the Advocate of the Society, the Deed of the Conveyance/Deemed Conveyance of the land and the building/buildings thereon and place the same before the Meeting of the General Body of the Society for its approval.
c. On approval of the Draft Deed by the General Body Meeting of the Society,the Committee shall execute it as per law.
It shall be the responsibility of the Committee to maintain the property of the Society in good condition at all times and to redevelop the Society buildings/property, if necessary, as per Government directives from time to time and as per prevailing laws.

a. The Secretary of the Society, on receipt of any complaints about the maintenance of the property of the Society from any Members of the Society or on his own motion, shall inspect the property of the Society(if necessary along with technical expert appointed for the purpose), from time to time and make the report to the Committee, stating the need of the repairs, if any, considered necessary. The Committee shall consider the report made by the Secretary of the Society and decide as to which of the repairs should be carried out.
b. the Members of the Society shall allow access and cooperate in the inspection of the premises for repairs & maintenance

a. The Committee shall be competent to incur expenditure on the repairs and maintenance of the Society’s property once in a financial year, the onetime expenditure does not exceed :
Upto 25 Members Rs 25,000/-
26 to 50 Members Rs 50,000/-
51 and Above upto Rs 1,00,000/-

b. If one time expenditure on repairs and maintenance of the Society’s property exceeds the limit as mentioned under bye-law No. 156(a) prior sanction of the meeting of the General Body of the Society shall be necessary.

c. The meeting of the General Body of the Society shall decide :

The limit upto which the expenditure on repairs and maintenance of the property of the Society could be incurred by the Committee without calling for tenders for the work. In respect of the work, the cost of which exceeds the limit, so fixed, the Committee shall follow the procedure of inviting tenders, placing them before the General Body Meeting for approval and entering into contract with the Architect (if appointed) and the Contractor.
d. The appointment of An Architect : In respect of redevelopment of Society buildings the procedure to be followed as per Government Resolutions (as amended from time to time) and provisions in Architect Act 1972

e. If no appointment of an Architect is made by the Promoter ,the meeting of the General Body of the Society shall appoint an Architect on such terms and conditions as it deems fit and as per the provisions of Architect Act 1972.
f. The Committee shall enter into the contract with the Architect, on the basis of the terms and conditions approved at the meeting of the General Body of the Society in that behalf as per the provisions of Architect Act 1972.
g. The Architect shall prepare the plans and estimate and feasibility report of the construction of the building/buildings in consultation with the committee, which shall place the same before the meeting of the General Body of the Society. The Architect shall submit ,the plans as per the feasibility report of the the of the construction of the building/buildings, approved by the meeting of the General Body of the Society to the Local Authority for sanction as per finally approved tenders.
h. As per procedure mentioned in redevelopment G.R. dated 03-01-2009 the Committee shall invite tenders in consultation with the Architect appointed by Society.
i. The Secretary shall open the tenders received by him in the meeting of the Committee, which shall scrutinize them and prepare its report along with the draft of the terms and conditions, in consultation with the Architect of the Society and place the same before the meeting of the General Body for its decision. After the approval of the General Body, the Committee shall then enter into the contract with the Contractor.
j. The Contract deeds, entered into with the Architect of the Society and the Contractor, shall provide a stipulation for settlement of the disputes arising out of execution of the Contracts shall be referred to sole Arbitrator appointed by the Society.

Subject to the provisions of the bye-law no. 156 , the Committee shall proceed to carry out the construction, repairs and maintenance of the property of the Society and Redevelopment of the Society buildings as per Govt Directives from time to time It shall be the responsibility of the Committee till the completion of the work and to see that the repairs and redevelopment of Society buildings are carried out as per the provisions of the contract executed by the Society.
The following repairs and maintenance of the property of the Society shall be carried out by the Society at its costs:
i ) All internal roads, (ii) Compound walls, (iii) External water pipe lines, (iv) Water pumps,(v) Water storage tanks, (vi) Drainage lines, (vii) Septic tanks, Stair cases, (ix) Terrace and parapet walls, (x) Structural repairs of roofs of all flats, (xi) Stair-case lights, (xii) Street lights, (xiii) External walls of the building/ buildings, (xiv) All leakages of water including leakages due to rain water, and leakages due to external common pipe line and drainage line, Electric lines upto main switches in the flats (xvi) Lifts, (xvii) The damaged ceiling and plaster thereon in the top floor flats, on account of the leakage of the rain water through the terrace.(xviii) Generators, (xvix) Security Appliances (CCTV, Intercom, Group Mobile, Mass Data Sharing Devices, Siren Bell) (xx) Rain Water Harvesting,(xxi) Sewerage, Storm water Drain & Water Treatment Plant (xxii) Common areas not specifically allotted ,Swimming Pool, Gym, Sauna Bath, Coffee House (xxiii) Common Parking Space (xxiv) Solar and alternate energy devices. (xxv) Garden (xxvi) Community hall (xxvii) Wi-fi setup of the Society

ll the repairs, not covered by the bye-law No. 158(a) shall be carried out by the Members at their cost. The expenditure of the internal leakage due to toilet, sink etc. should be borne by concerned flat holders, with the intimation to the Society.
he Society shall insure its building/s necessarily against risk of natural calamities, fire, flood, earthquake, third party liability and like
he managing Committee of each and every Housing Society shall chalk out Emergency Planning Scheme, which include below mentioned details in respect of the Society and the surrounding area. (1) Probability of danger and analysis thereof. (2) Evaluation of risk in pursuance disaster management. (3) Response Machinery eg. Police/Fire Brigade/Municipal council etc.(4) Important Telephone Numbers.

Emergency Telephone Numbers of each and every Member.

Telephone Numbers of the officers of the Government Machinery concerned with the emergency management. The management committee shall hold discussion with all the Members in the General Body Meeting over the plan prepared as aforesaid and shall inform about the same to the Members. The plan such prepared shall be displayed on the Notice Board of the Society, and the same shall be made up-to-date from time to time as per the requirement.

As per the Child Labour Act 1986,it is prohibited to employ child labours for house hold and other works. As per the provisions of the said Act, if any person/Member is found to have employed child labour for household work and other work then a punishment of imprisonment of one year and a fine up to Rs. 20,000/- or both can be awarded to him. The managing committee of the Society shall display the said legal provision on the notice board and shall create awareness in the minds ofall the Members for eradication of the said evil, child labour practice.

The office bearers of the Society shall insure that no Member of the Society/person /contractors has employed child labour and shall make arrangement of informing the Labour Commissioner Office that the Society is totally free from child labour practice.

If any Member/ person /contractors is found to have employed child labour, the managing committee shall inform immediately to the office of the Labour Commissioner or the nearest Police station or the concerned voluntary organizations and shall inform to that effect in writing to the office of Labour Commissioner.

i. The managing committee of the Society shall take necessary precaution to see that no injustice is done to any widow in the cooperative housing Society after the death of a Member before transferring the flat in her name. In such cases Society shall verify the nomination form duly submitted by the deceased Member or succession certificate /heirship certificate obtained from Civil Court under the Indian Succession Act 1925 or Will of the deceased Member duly probated by the Civil Court through the executor of the will. After verifying and taking legal guidance Society then only can take appropriate action within the time limit to avoid the further legal complications. This procedure can be followed in all the cases after the death of a Society Member.No Member of the Society shall destroy, deface or cut down any trees in the compound of the Society. Any action, any contravention of the above provision may render the Member concerned liable for action.

By admin|February 3rd, 2020|AND REDEVELOPMENT AND REPAIRS/MAINTAINCE OF THE PROPERTY|Comments Off

AUDIT OF ACCOUNTS OF THE HOUSING SOCIETY

a. The Society shall appoint the Statutory Auditor in its General Body Meeting from the panel of Auditors approved by State Govt. and same Statutory Auditor shall not be appointed for more than two consecutive years. The Statutory Auditor shall submit his Audit Report as provided in section 81 of the Act.

b. It shall be the responsibility of the Committee to get the Accounts Audited within a period of six months from the closure of financial year and in any case before issuance of Notice of the holding of the Annual General Body Meeting.

c. The Remuneration of Auditors so appointed shall be decided by the General Body Meeting of the Society.

d. The Society may, if it considers it necessary, appoint an internal Auditor, to audit the accounts of the Society, at the Annual General Body Meeting.

The Secretary of the Society shall produce or cause to be produced all the books, registers, records before the Internal Auditor and the Statutory Auditor, in the office of the Society or where the records are normally kept and furnish such information as may be required by him for the conduct of the Audit of the Accounts of the Society.

a. On receipt of the audit reports from the Statutory and Internal Auditors, the Secretary of the Society shall prepare draft audit rectification reports on the objections raised and suggestions made, in the Audit rectification Report in form ‘0’ prescribed under Rule 73 of the MCS Rules 1961 and place the same before the meeting of the Committee, held next after the date of the receipt of the audit reports, for its approval. The Audit Rectification shall be done by the Committee within three months from the date of audit report. The committee shall submit Audit Rectification Report to the Registrar and the Annual General Body Meeting of the Society.

b. If the Committee of the Society fails to submit Audit Rectification Report to the Registrar and the Annual General Body Meeting, all the Members of the Committee shall be deemed to have committed an Offence under section 146 of the Act and shall be liable for Penalty under section 147 of the Act

By admin|February 3rd, 2020|AUDIT OF ACCOUNTS OF THE HOUSING SOCIETY|Comments Off

BUILDER’S HANDOVER PROCESS IN MUMBAI

The date of handover from builder to the registered owners association is an important day for new apartment owners and all residents. It has to be taken seriously and detailed due diligence must be done when interacting with the builders during this handover process. Once the formal handover to the Owners Association is completed, the onus is on the association to run the affairs of the society and to ensure its smooth functioning. The association must be prepared for this day for 3+ months leading to this event.
It is recommended that owners collaboratively engage with the builder right from late construction stages that will help them to take-up this responsibility in future. The builders can also reach out to representatives from the owners group to assist in the selection of maintenance agency which prepares them for the handover process.
Based on our experience in interacting with various builders and associations, we have collated a check list that associations can use when in dialogue with the builder on the handover process:
1. Get approved building plan which includes block-wise and floor-wise details
2. Collect the Completion Certificate which ensures adherence of the approved plan
3. No Objection certificates from pollution, fire, water and electricity authorities
4. Hard copy and soft copy (in CD) of all approved engineering drawings; look for approval seal on the drawings
5. Registration and parent documents
6. Drainage, sewage, Fire protection and common area power layout drawings
7. Car parking layout drawings (with numbering)
8. Asset Inventory of all movable and immovable equipment purchased; numbered in order (list needs to be exhaustive)
9. Record of recent service history on key equipment’s like lifts, DG sets, STP and WTP
10. AMC and warranty details; Original bills of equipment purchased (motors, Sewage and Water Treatment Plant, Generators, Gym items like treadmill)
11. Lift license details and next renewal date
12. STP/WTP vendor details, plant layout, operation manual and drawings
13. Receipts of property, electricity and water payments paid
14. Handover of corpus amount to the association
15. Share recent expenses incurred on various maintenance activities and account heads; will assist to budget coming year (staff salaries, purchase of cleaning material, swimming pool maintenance etc)
16. Contract signed with maintenance agency; agreed SLAs
17. Insurance taken for assets and third party lift insurance
18. Audited account statement at the time of handover
19. Arrange for introductory meeting with important suppliers and vendors

By admin|February 3rd, 2020|BUILDER’S HANDOVER PROCESS IN MUMBAI|Comments Off

CONVEYANCE SERVICES FOR SOCIETIES IN THANE

CONVEYANCE SERVICES FOR SOCIETIES IN THANE:-

In most of the cases people believe that a Purchase Agreement is the final document they need to own. However, a mere purchase agreement does not pass on the developer’s rights on the land to the society. Societies need to make sure they have the complete right to the land, and mere society registration and formation does not provide those rights.
A Conveyance Deed helps societies to gain the right of their land. Post this builder relinquishes his legal right on the land.
We the “VED LEGAL” provide end-to-end conveyance services to the societies including execution of Conveyance Deed, Deemed Conveyance, and Deed of Apartments. We work closely with co-operative societies and government officials and make sure the complete process is hassle free.
With our team of legal advisers and professional approach, we have handled more than 100 cases across Pune. We guide our clients through the complete process of transferring builder’s rights, allocation of additional space and finally establishment of society rights, as per the law.
Our conveyance services include:
Apartment formation:
• Deed of Declaration • Deed of Apartment
Co-operative Societies Conveyance:
• Conveyance deed with builder’s consent • Deemed Conveyance – without builder’s consent

By admin|February 3rd, 2020|CONVEYANCE SERVICES FOR SOCIETIES IN THANE|Comments Off

DIFFERENCE BETWEEN CONVEYANCE AND DEEMED CONVEYANCE

Conveyance –
A generic term for any written document which transfers (conveys) real estate property or real property interests from one party to another.
So by the above definition its very clear that if someone willingly transfers their legal right of the property to another party they would need to create a document which transfers this right. Such a document is called Deed of conveyance.
The important point here is – Willingly. Now in case of housing societies the builder/promoters have to ideally create deed of conveyance and hand over it to housing societies that to within 4 months after project completion. However, due to lack of knowledge many builders do not create such documents. There have been cases where builders have later on denied to create such documents and asked additional money to provide signatures on these documents. You will find all sorts of reasons for not creating the document. This results in issues for societies in future. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) to make sure if builders run way from such responsibilities the societies do not suffer. This amendment is called Deemed Conveyance. This amendment allows society owners to gain the legal rights of the land even if the builder is not willing to transfer the rights, in front of designated competent authority.

Deemed Conveyance –
The Promoter (Builder/ Developer) is legally required to convey the land and the building within 4 months of formation to the society or any legal body of the flat purchasers. However, it has been the experience that many promoters (Builders/Developers) have not conveyed the land and building to the legal bodies. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favor of the legal bodies. Under the provision, deemed conveyance means after the expiry of 4 months of formation of the legal body, the land and building is deemed to have been conveyed to the legal body and to bring the same in the revenue record, Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favor of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favor of the society and execute on behalf of non-co-operative builder or the land owner. Getting the title of land and building by adopting the above procedure is known as deemed conveyance.

By admin|February 3rd, 2020|DIFFERENCE BETWEEN CONVEYANCE AND DEEMED CONVEYANCE|Comments Off

First General Meeting – Housing Society

The First General Body meeting of the Promoters, who have signed the Application for Registration of the Society, shall be held within the period of three months of the date of the registration of the Society, as provided under Rule 59 of the Rules. It shall be the responsibility of the Chief Promoter Society to convene First General Body meeting within the stipulated period.On failure of the Chief Promoter of the Society to hold the First General Body meeting within the period mentioned in bye-law no 86, the Registering Authority shall cause it to be convened.Clear fourteen days’ notice of the First General Body Meeting of the Society shall be given by the Chief Promoter of the Society or as the case may be, by the Officer Authorized by the Registering Authority, to all the promoters, who have signed the application for Registration of the Society.
At the First General Body Meeting of the Society, the following business shall be transacted:

i. Election of a President for the meeting,

ii. Admission of new Members (other than the promoters) who have applied for Membership of the Society.

iii. Receiving and Approving the Statement of Accounts, as prepared by the Chief Promoter of the Society, as on fourteen days prior to the date of the First General Meeting of the Society ( ie: as on the Date of Notice ).

iv. Constitution of a Provisional Committee until regular elections are held under bye-laws of the Society. The Provisional Committee shall have the all powers and functions as that of the Committee elected in accordance with the Act, Rules & Bye-laws.

v. Fixing the limit up to which funds may be borrowed.

vi. Authorising the Committee to secure conveyance of the right, title and interest in the property in the name of the Society, from the Promoter Builder,

vii. Appoint internal Auditor of the Society for the year, if necessary and fix his remuneration.

viii. Authorise One of the Members of the Provisional Committee to call the first meeting of the Provisional Committee,

ix. Consider affiliation of the Society as Member of the Housing Federation of the District and other institutions mentioned in bye-law no. 6,

x. Consider any other matter to be brought before the meeting with the permission of the Chair, excepting those requiring proper notice.

(IN ADDITION FOLLOWING ARE APPLICABLE FOR PLOT-PURCHASED TYPE SOCIETY)
i. To review and approve the Report of the Chief Promoter of the Society regarding the work done and proposed to be done with reference to the financial and physical aspects of the scheme of construction.
ii. To confirm the agreement for purchase of the plot/building for the Society entered into by the Chief Promoter of the Society with the vendors.
iii. To approve the site plan and the scheme of construction.

iv. To confirm the appointment of Architect of the Society made by the Chief Promoter of the Society or to appoint an Architect if no such appointment is made by the Chief Promoter of the Society or -to appoint a new architect in place of the one already appointed.

Where the First General Meeting fails to elect a Provisional Committee, the Registering Authority shall be competent to Nominate such a Committee, including the Chairman and the Secretary of the Society for a period of one year.The person, who presides over the First General Meeting shall record the Minutes of the Meeting, sign them and hand them over to the Secretary of the Society elected at the first meeting of the Provisional Committee or nominated by the Registration Authority under the bye-law no. 87(b).The Chief Promoter of the Society shall, immediately after election of the Office Bearers of the Society, at the first meeting of the Provisional Committee or its nomination by the Registering Authority under the bye-law no. 87(b), hand over to the Chairman of the Society or any Member of the Provisional Committee authorised by it on that behalf :-

a. all records of the Society, particularly the copy of the application for registration of the Society, received back from the Registering Authority,

b. the copy of the by-laws of the Society registered by the Registering Authority,

c. the certificate of registration of the Society,
d. the challans for amounts credited into the bank,
e. the counterfoils of the used cheques and the unused cheques, forms
f. the bank pass books,
g. the copies of all the agreements entered into by him with different parties,

h. the statement of accounts as prepared by him,
i. the applications for Membership,
j. the statement of information of the promoters,
k. the vouchers for amounts expended,
l. the cash balance, if any,
m. the site plan/ the scheme of construction (for plot purchase type)
n. the minutes of the first general meeting of the Society,
o. the files of the correspondence with the Registering Authority, the Local Authority,

p. and all such other records, also in digital form and assets of the Society as are in his possession, not withholding anything with him.

q. prepare a documents handover report

The Provisional Committee or the Nominated Committee shall have the all powers and functions as the committee duly elected in accordance with the Act, Rules & Bye-laws of the Society.The Provisional Committee or the Nominated Committee shall be in office for a period of one year or until the regular elections are held under the Bye-laws of the Society.The Chairman of the Provisional Committee or the Nominated Committee shall handover charge of all the assets and documents & papers of the Society to the’ Chairman of the newly elected Committee at the time of its first meeting, leaving nothing with him/them including the record mentioned under bye-law no. 89.

By admin|February 1st, 2020|First General Meeting - Housing Society|Comments Off

(H) Transfer of shares and interest in the capital/ property of the society

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 provision 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.

e. The transferor/ transferee shall submit following documents and fulfill compliance as under.

i. Application in the prescribed form, for transfer of his shares and interest in the capital/property of the society, along with the share certificate.
ii. Application in the prescribed form for membership of the proposed transferee
iii. Resignation in the prescribed form member and transferor.
iv. Registered agreement with stamp duty paid
v. Valid reason for the proposed transfer
vi. Undertaking to discharge all the liabilities to the society by transferor
vii. Payment of the transfer fee of Rs.500/-
viii. Remittance of entrance fee of Rs.100/- payable by the proposed transferee
ix. Payment of amount of premium at the rate to be fixed by the general body meeting but within the limits as prescribed under the circular, issued by the department of co-operation/ Government of Maharashtra from time to time. No additional amount towards donation or contribution to any other funds or under any other pretext shall be recovered from transferor or transferee.
x. Submission of ‘No Objection’ certificate, required under any law for the time being in force or order or sanction issued by the government, any financing agency or any other authority;
xi. The undertaking /declaration in compliance with the provisions of any law for the time being in force, in such form as is prescribed under these bye-laws.

a. The procedure for disposal of applications for transfers of shares and/ or interest of Members in the capital/property of the Society as laid down under the bye-law No. 62 shall be followed by the Secretary and the Committee of the Society.

b. A meeting of the Committee or the General Body, as the case may be, shall not refuse any application for admission to Membership of transfer of shares and interest in the capital/property of the Society except on the ground of noncompliance of the provisions of the Act, the Rules and the Bye-laws of the Society or any other law or order issued by the Government in exercise of the statutory powers vested in it.

c. If the decision of the Committee/General Body meeting as the case may be, on the application for transfer of Shares and/or interest in the capital/ property of the Society is not communicated to the applicant within three months of its receipt, the transfer application shall be deemed to have been accepted and the transferee shall be deemed to have been admitted as a Member of the Society as provided under Section 22(2) of the Act.

d. Any transfer made in contravention of the Act, Rules or the Bye-laws shall be void and not effective against the Society

The Transferee shall be eligible to exercise the rights of Membership on receipt of the letter in the prescribed form from the Society or order under section 22 or 23 of the Act from the Registrar; subject to the provisions of the MCS Act 1960, Rules and Bye-laws.

By admin|February 1st, 2020|(H) Transfer of shares and interest in the capital/ property of the society|Comments Off

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