9/23/2016

Procedure&ChecklistforTransferofFlats

Procedure&ChecklistforTransferofFlats
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Anapplicationfortransferofsharesandinterestinthecapitalorpropertyofthesocietyshouldbe
made in the prescribed form, along with the share certificate An application for membership of the proposed
transfereeshouldbemadeintheprescribedformValidreasonsfortheproposedtransfershouldbefurnishedAll
the liabilities of the society should be discharged Transfer fee should be paid Entrance fee of the proposed
transfereeshouldbepaidPremium(tobefixedatthegeneralbodymeeting)hastobepaid.
Thiswillnotapplytotransferofsharesandinterestofthetransferorinthecapitalorpropertyofthe
societytoamemberofhisfamily,hisnomineeorhislegalrepresentativeafterhisdeathandincaseof
mutualexchangeofflatsamongstthemembersoraregisteredgiftdeedexecutedbythemember.No
objectioncertificaterequiredunderanylaw,anorderorsanctionissuedbythegovernmentorafinancingagency
shouldbefurnishedThemanagingcommitteeorthegeneralbodycannotrefuseanyapplicationforadmissionto
membershiportransferofsharesandinterestinthecapitalorpropertyofthesocietyexceptonthegroundsof
noncomplianceoftheprovisionsoftheAct.
Ifthedecisionofthecommitteeorgeneralbodymeeting,ontheapplicationforthetransferofsharesandinterest
inthecapitalorpropertyofthesocietyisnotcommunicatedtotheapplicantwithinthreemonthsofitsreceipt,the
transfer application will be deemed to have been accepted and the transferee will be deemed to have been
admittedasamemberofthesociety.
AnytransfermadeincontraventionoftheAct,rulesorthebyelawswillbevoidandwillnotbeeffectiveagainst
the society. The transferee will be eligible to exercise the rights of membership on receipt of a letter in the
prescribedformfromthesociety.

NoObjectionCertificateoftheSocietyisnotrequiredtotransferthesharesandinterestofthetransferortothetransferee.
Howeverincasesuchacertificateisrequiredbythetransferorortransferee,heshallapplytothesocietyandcommitteeof
theSocietymayconsidersuchaapplicationonmeritwithinonemonth.[ByeLawNo.38(d)]
DOCUMENTSREQUIREDFORTRANSFEROFAFLAT
1.NoticeofIntentiontotransfersharesintheprescribedform20(1)[15daysNoticeofIntentionasperByelaw38(a)]
2.Letterofconsentoftheproposedtransfereeintheprescribedform20(2)[underByelawNo.38(a)]
3.Application,fortransferofsharesandinterestinthecapital/propertyofthesociety,intheprescribedform.[(FormNo.21
].Theapplicationshouldcontainvalidreasonsfortheproposedtransfer.AsperMCSAct1960Section29(2)itis
necessarythatthetransferorshould
holdsharesorinterestsinthesocietyforatleastaperiodofoneyear.

4.ApplicationformembershipoftheproposedtransfereeintheprescribedformNo.23(beinganindividual).
5.Resignationintheprescribedform[asperByelawno.27(a)AppendixNo.13]
6.TransferFormalongwithTransferFeeRs.500/&paymentofamountofPremiumattheratefixedbythegeneralbody
meetingbutwithinthelimitsasprescribedunderthecircular,issuedbytheDepartmentofCooperation/Govemmentof
Maharashtrafromtimetotime.Noadditionalamounttowardsdonationorcontributiontoanyotherfundsorunderanyother
pretextshallberecoveredfromtransferorortransferee[FormNo.21(1)]
4.PaymentofEntranceFeeRs.100/.
5.DeclarationbytheTransferorfornotholdingimmoveablepropertyinanyUrbanAgglomeration,specifiedunderthe
provisionsoftheUrbanLandCeilingandRegulationAct,1976,exceeding500Sq.Meters.[FormNo.25]
6.DeclarationbytheTransfereefornotholdingimmoveablepropertyinanyUrbanAgglomeration,specifiedunderthe
provisionsoftheUrbanLandCeilingandRegulationAct,1976,exceeding500Sq.Meters.[FormNo.26]
7.UndertakingtodischargealltheliabilitiestoSocietybytransferor.
9.UndertakingtobefurnishedbytheprospectiveMembertousetheflatforthepurposeforwhichitisallotted.[(FormNo.
4)]
10.StampdutypaidAgreementcopyalongwithCopyofN.O.C.issuedbyAppropriateAuthorityIncomeTax,ifapplicable.
(aspersection269ABoftheIncomeTaxAct)(Above75,00,000Agreement).
11.OriginalShareCertificate.
12.CertifiedTrueCopyofRegistrationReceipt.
13.ProofofpaymentofStampDuty.
14.CopyofPossessionLetterissuedbytheTransferortotheTransferee,thattheTransfereehasbeenputPeaceful,vacant
&physicalpossession.(PossessionLetter)
17.ObtainingNoDuesCertificatefromtheSociety.
18.LettertotheElectricityDepartmenttotransfertheElectricMeter.

https://www.societynmore.com/viewsocietyforms&byelaws.php?lawsid=26

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