Ours is regstered Co-op Hsg. Society. One of the member has taken loan from the Co-OpBank by mortgaging the flat and he wants to sell the mortgaged flat. He has approached the committee for NOC for slae of his flat and has informed us that he will repay the loan from the sale proceeds. We approached the bank and the bank has sent us letter stating the ' We may issue conditiona NOC subject to closure of the loan. My question is
1. Can the society issue such NOC and is the society bound to act on the instructions given by the bank.
2. What s the legal stand and how the society can protect itself and / or from legal hassels in the event of breach committed by the member
3. If we can issue such NOC, can we prohibit the member from occupying the flat till the loan is repayed by the seller. Can we put stipulaton that the selled ned to repay the loan within 3 months from date of registraton of flat.\ and take the signature on the NOC of the buyer also as a token of society having informed them of the actual position
4. Can we outrightly reject to issue conditiona NOC.
Please reply and help us sothat the interest of the society and the buyer can be protected
Regds and thanks
