Transfer of shares in a co. op. hsg soc
SAMIR SHAH
(Querist) 08 May 2016
This query is : Resolved
I HAVE PURCHASED A FLAT ON 28/03/2016 ALL AGREEMENTS ARE REGISTERED ON SAME DATE BEFORE WHICH I HAD GOT A NOC FROM THE SOCIETY. I HAVE ALREADY SUBMITTED ALL THE REQUIRED DOCUMENTS TO THE SOCIETY ON 30/03/2016 ALONG WITH TRANSFER FEE CHEQUES AND MEMBERSHIP FEE CHEQUES AND THE SAME WERE BEING DEPOSITED BY THE SOCIETY AND ARE BEING CLEARED FROM MY ACCOUNT ON 06/04/2016. THE SOCIETY IS NOT EVEN GIVING ME ACKNOWLEDGEMENT OF DOCUMENTS FILLED WITH THEM AND EVERY TIME I ENQUIRE THEY ARE ASKING FOR FURTHER TIME AS THEY COULD NOT HOLD THE MEMBERS MEETING.
Q1. WHAT IS THE TIME PERIOD WITHIN WHICH THEY HAVE TO TRANSFER THE SHARES IN MY NAME.
Q2. CAN THEY DEPOSIT THE CHEQUES BEFORE MAKING ME A MEMBER OR TRANSFERRING SHARES IN MY NAME.
PLEASE DO REPLY AT THE EARLIEST.
THANKS IN ADVANCE.
P. Venu
(Expert) 09 May 2016
Why you should be overenthusiastic? You have done your part; let the Society act at their discretion.
SAMIR SHAH
(Querist) 09 May 2016
I WOULD LIKE TO KNOW WHAT THE LAW SAYS IN REGARDS TO:-
Q1. WHAT IS THE TIME PERIOD WITHIN WHICH THEY HAVE TO TRANSFER THE SHARES IN MY NAME.
Q2. CAN THEY DEPOSIT THE CHEQUES BEFORE MAKING ME A MEMBER OR TRANSFERRING SHARES IN MY NAME.
Kishor Mehta
(Expert) 09 May 2016
Sir,
Section 62g of the Model Bye-Laws of CHS. 2014 cites as under:
"62g. The Secretary of the Society shall communicate the decisions of the Committee or the General Body, as the case may be, to the applicants concerned within 15 days of the decisions of the Committee or the General Body, as the case may be, with reasons, where the applications are rejected by the Committee or the General Body, as the case may be, If the Society does not communicate the decision to the applicant within three months from the date of receipt of application for Membership; including nominal or associate Membership, the applicant shall be deemed to have been admitted as a Member as provided under Section 22(2) of the Act."
Good Luck,
Kishor Mehta
Rajendra K Goyal
(Expert) 09 May 2016
You should wait for some more time for the decision to be communicated / meeting.
SAMIR SHAH
(Querist) 10 May 2016
THANKS FOR ONE REPLY
MY SECOND QUESTION REMAINED UNANSWERED
Q2. CAN THEY DEPOSIT THE CHEQUES BEFORE MAKING ME A MEMBER OR TRANSFERRING SHARES IN MY NAME OF MEMBERSHIP FEES AND TRANSFER CHARGES.
M V Gupta
(Expert) 10 May 2016
Under Section 22 (2) of the Maharashtra CS Act, 1960 Society has three months time to inform u whether u are admitted as member of the Society or not. In ur case the application for admission was submitted on 30-03-2016. As such the society is bound to advise u on or before 29-06-2016 about their decision. In case u are not so advised u my consider issuing a notice to the Society that u are deemed to have been admitted as member of the Society and accordingly they should transfer the share certificate and return it to u. In case the Society decides to reject ur application, they should advise u of the same within 15 days of such decision with reasons therefor.
SAMIR SHAH
(Querist) 11 May 2016
BUT WHAT ABOUT MY QUERY
Q2. CAN THEY DEPOSIT THE CHEQUES BEFORE MAKING ME A MEMBER OR TRANSFERRING SHARES IN MY NAME OF MEMBERSHIP FEES AND TRANSFER CHARGES.
AND
IS A GENERAL BODY MEETING REQUIRED OR IS A COMMITTEE MEETING SUFFICIENT TO COMPLETE THE FORMALITIES.
Kishor Mehta
(Expert) 11 May 2016
Sir,
[1] The Society can deposit the cheques before accepting you as a member, as the acceptance is subsequent to realization of the cheques.
[2] The Managing Committee is empowered to accept your membership.
Good Luck,
Kishor Mehta
SAMIR SHAH
(Querist) 11 May 2016
thanks a lot for your guidance
