SUKHVIR HOUSING AGENCY (proprietor) 04 October 2018

Sale of property within 2 months of purchase

My Friend Purchased a Office Unit from Builder and Registered in September' 2018, Society was Registered of that building in 2017, but share certificate are not yet issued to anyone. Now Unit Owner wants to sell his Office Unit due to his financial need but society refused to issue NOC and Transfer of Unit under the Ground that "As per Section 29 of MCS Act, Within One Year of Purchase of Office Unit it Cannot be Sold/Transferred, in this case Seller is Selling within two months of purchase so if he sells Transfer of Sale will be void and Society will not do any transfer of Shares in the name of new purchaser. my question is IS THERE ANY PROVISION IN MCS ACT TO CONCLUDE THIS RESALE TRANSACTION

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Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 04 October 2018

No transfer of shares shall be effective unless :-

(a) it is made in accordance with the provisions of the bye-laws;

(b) a clear fifteen days notice in writing is given to the society indicating therein the name of the proposed transferee, his consent, his application for membership, where necessary, and the value proposed to be paid by the transferee ;

(c) all liabilities of the transferor due to the society are discharged : and

(d) the transfer is registered in the books of the society.

(2) Any charge in favour of the society on the share so transferred will continue unless discharged otherwise.