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.
