Vinayak Phadke
I have been reading model law for co-op housing societies in Maharashtra which makes Registration and payment of stamp duty mandatory for transferring share certificates and hence interest in flat in tenant co-part cooperative housing society in Maharashtra.
I am also reading Mumbai high court judgment that same is not mandatory as per section 41 of Maharashtra co-op societies act 1960 as exemption is granted from compulsory registration of instruments relating to shares and debentures of society nothing of clauses b and c of sub-section 1 of section 17 of Indian Reg. Act shall apply. I would request you to clarify which is correct position.
I C Naik
What you have read is correct. Confusion will be clear when two things relating to membership of CHS is understood.
The member of a CHS a body corporate is required to subscribe to Ten shares as per Bye Law 19(i) of Draft Model Bye Laws 2013. This was there in all models.
Clause (iv)of same Bye law reads as under:
He has sent, along with the application for membership of the society, a certified copy of the agreement, duly stamped entered into by him with the Promoter (Builder) or transferor under Section 4 of the Ownership Flats Act; The Paper as per Clause (i) is exempt from registration. Paper as per Clause (iV) attracts Stamp Duty and mandatory registration.
