Persue:
>>> Maharashtra Co-operative Societies Act, 1960; Section 29 (2) (a)
https://lj.maharashtra.gov.in/Sitemap/lj/pdf/Maharashtra%20Act/Mah.%20Code%20Vol.5%20Acts%201960-1963/Acts%20of%201961/Mah.Act%2024%20of%20%201961,%20Co-operative%20Societies%20Act,%201960.PDF
>>> Maharashtra Co-operative Societies Rules, 1961: Rule 24
https://www.lawyerservices.in/RULE-24-PROCEDURE-FOR-TRANSFER-OF-SHARES-MAHARASHTRA-CO-OPERATIVE-SOCIETIES-RULES-1961
The Secretary should examine the documents received and verify as to the compliance of the Act, Rules and bye-laws of the Society and place the same before the Managing Committee of the Society for its approval. If the application for transfer 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 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.