Can the member in a Co-operative Society transfer and/or deal with and/or dispose of in any manner as he wants his shares/interest in the Society?
Subject to the compliance of the provisions contained in the said Act of 1960, the said Rules of 1961 and the concerned Society’s Bye-laws, a member in a Housing Society is always entitled to deal with and/or dispose off in any manner otherwise permissible in law his/her share and/or interest in the Society. However, in order to maintain the co-operative character of the Society and not to allow the concentration of control in the hands of the business rivals there are certain statutory restrictions applicable to such transfer. The said restrictions are:- (a) the share or interest must have been held by the Transferor for not less than one year; (b) such transfer must be made first to a member or to a person whose application for membership has been accepted by the Society; (c) all liabilities of the Transferor including the dues to the Society must be fully paid and discharged. If you are not able to find the answer you are looking for, please send us a message by clicking here. We wi
