maharashtra cooperative housing society act 1960 pdf in marathi

Maharashtra Cooperative Housing Society Act 1960 In Marathi Registration Of The

Maharashtra Cooperative Housing Society Act 1960 In Marathi Registration Of The

Section10 mandates that as and when the minimum requisite individuals for a co-operative society or company have purchased flats, the promoter is required to submit an application, within the prescribed period, for the registration of the conglomerate of persons who take the flat either as a cooperative society or as a company.

This period for the execution of the conveyance could either be agreed upon or if not, then the execution must be done in the prescribed period and documents of title, in the promoters possession or power is delivered.

According to the Rule 24 of Maharashtra Co-operative Societies Rules, 1961 every transfer of shares, as a mandate, has to be as per the bye-laws adopted by the Society, order to be effective.

If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society or ineligible therefor, it will direct the secretary to inform the member within three days.

As per the circular dated 20121989 the transfer premium should not exceed 25,000- 10.

The Secretary should scrutinize the documents received and verify as to the conformity with the Act, Rules, and Bye-laws of the Society and place the same before the Managing Committee of the Society for its approval.

If such application is rejected, the Secretary has to communicate the decision to the applicant within 15 days from the date of the decision or within 3 months from the date of receipt of the application, whichever is earlier.

If the applicant does not receive intimation from the Society within 3 months from the date of submission of application, it is deemed that the application for membership is accepted.

Whereas in the case of transmission no such documentation is required and as such, no stamp duty is payable as well no transfer premium is payable to the Society.

As per the new model bye-laws 2013, it is now mandatory for each member to be allotted 10 shares.

In our society, there were two partnership firms, who were allotted 10 fully paid-up shares at the time of admission.

They later transferred their flats to two members who are individuals.

The 10 shares were also transferred to the two new individuals.

Since as per the new bye-law, all members should be having 10 shares each, members presently having 5 shares have to be allotted 5 more shares.

As the abovesaid two individual-members were already allotted 10 shares each, held by the two transferor-corporate bodies, at the time of their admission, is the society now required to again allot 5 more shares to these two individual-members, who will then be having 15 shares each Your valued advice will be appreciated.

Maharashtra Cooperative Housing Society Act 1960 Pdf In Marathi