Sidharth Joshi
I have purchased a resale flat in a cooperative housing society Nov 2012 and submitted all the documents in the society required for transfer of flat to my name from the previous owner. But till now they have not transferred the share certificates in my name. How much maximum time is required for the same as they are telling that it would be done only after the AGM.
I C Naik
1. As a Cooperative Society’s affairs are regulated under the concerned State’s Cooperative Law and the registered Bye Laws of the society concerned, a specific correct answer can only be given if the State in which the society of the querist was registered. In the absence of this information a judgment is made about it and answer is formulated which could differ if the judgment proves wrong.
1. It is assumed that the querist Mr sidharth joshi is a member of the Society registered under the M. C. S. Act 1960 with Bye Laws Model 2009.
2. The Committee is empowered to admit the querist Mr sidharth joshi to membership and approval of AGM is not required as per following extract from the Bye Laws
“19. (A) An individual who is eligible to be a member and who has applied for membership of the society in the prescribed form, may be admitted as member by the Committee on complying with the following conditions:-“
3. The Committee seems to treat individual membership and non-individual memberships (Partnership Firm, Company,Society etc) at par, whereas Bye Law No 20 requires the general body meeting to approve membership of such members.
4. Something of Importance and is often ignored is the Committee’s communication in form 42 extracted below. This is to be insisted after a transfer is approved.
A Form of intimation by the society to the Transferee
About Exercise of Rights of Membership by him.
To
Shri*Shrimati*Messrs ……………………………….
……………………………………
Upon acceptance of the application for transfer of shares and interest of Shri*Shrimati*Messers
………………………………………………………………. I the capital/property of the society, to you and upon acceptance of your application for membership of this society simultaneously, in the meeting of the managing committee of the society, held on …………………… your name has been entered in the Register of members in ‘I’ Form and in the List of Members in ‘J’ Form and necessary endorsement of transfer of shares held by the transferor to your name has been made in the Share Certificate No. ……………………………… you are eligible to exercise the rights of membership of this society in accordance with the Act, Rules and the Bye-laws of the society, on receipt of this letter.
The said share certificate, duly endorsed in your name is enclosed herewith.
Enclosure: Share Certificate.
Place:
Date: Yours Faithfully