• Transfer of property under by-laws

Can society transfer the same property two times within one year where one transfer is family transfer through nomination (transmission) and other transfer is due to sale. Can transmission & transfer eligible within one year under the bye laws. The property is industrial unit in Mumbai. One year is from April to March or 365 days ?
Asked 8 months ago in Property Law
Religion: Hindu

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16 Answers

Society cannot do 2 transfer in one year 

 

2) it would be 365 days 

Ajay Sethi
Advocate, Mumbai
76880 Answers
4615 Consultations

5.0 on 5.0

Yes, Because first time its inheritance and not sale just title transfer on nominations base and second on is sale that is for considerations. Sale deed can be applicable there is no such clause in the Maharashtra society Act and Rules for limitations of sale of unit or property Unless and until the bylaws has been created by the same society body in the past AGM meeting.

Ganesh Kadam
Advocate, Pune
10670 Answers
94 Consultations

4.9 on 5.0

The transfer to legal heir will not be taken as a transfer like a sale transfer

It's only a transmission of shares from original deceased member to the legal heir

So the subsequent transfer due to sale effected before expiry of 1 year of previous nomination transfer, is valid 

The restriction of holding the shares for atleast a year is applicable when there are transfers due to sales 

Yusuf Rampurawala
Advocate, Mumbai
5338 Answers
34 Consultations

5.0 on 5.0

-  Under Section 29 (2) (a) of the Maharashtra Co-operative Societies Act, no share can be transferred unless the share has been held for one year before the transfer and it is made to no one else but the member of the society, or one whose application for membership has been accepted or one who is deemed to be a member of the society.

 

Mohammed Shahzad
Advocate, Delhi
4089 Answers
43 Consultations

5.0 on 5.0

1. One year commences from date of previous Sale Deed and April to March.

2. AFTER amended to the MCS Act in July-2019, the one year transfer condition is now removed and multiple transaction /transfers is possible within one year.

3. check out: https://chshelpforum.com/nomination-in-chs

 

Hemant Agarwal
Advocate, Mumbai
4946 Answers
24 Consultations

5.0 on 5.0

It can't be same transfer. Ideally transfer is done to legal heir and nominee if he is a legal heir. If some other legal heirs are objecting the transfer then the court will take it's own course and decide the same through succession laws

Prashant Nayak
Advocate, Mumbai
20514 Answers
38 Consultations

4.4 on 5.0

Please make your question specific and clear to understand the type of the property and transfers which is authorised by its bye laws

Vimlesh Prasad Mishra
Advocate, Lucknow
6627 Answers
23 Consultations

4.9 on 5.0

Society can only transfer share certificate. Sale by family member is valid any time and after that sale, share cert. will transfer by society in the name of buyer.

And as per law a member has to hold the shares for at least a period of one year before he transfers his shares together with his interest in the flat.

 

Yogendra Singh Rajawat
Advocate, Jaipur
20064 Answers
28 Consultations

4.5 on 5.0

no limit for transfer. 

act of society depend on bylaws of society. 

 

Mohammed Mujeeb
Advocate, Hyderabad
17256 Answers
11 Consultations

4.5 on 5.0

A property can be transferred two time during a period of one year there is no such limitation for transfer of property.

Mohit Kapoor
Advocate, Rohtak
9250 Answers
3 Consultations

5.0 on 5.0

The local bylaws may restrict or allow such transfers within one year.

Have you gone through the bylaws wherein is there any restrictive clause restricting two transfers of the same property, if there are no such restrictions mentioned in the bylaws then there should be no legal infirmity about it.

 

T Kalaiselvan
Advocate, Vellore
66880 Answers
884 Consultations

5.0 on 5.0

yes it is valid. Nomination does not transfers the title of the property, it only nominates a person, to look after the property after the death of the owner. 

Garima Anil Mehrotra
Advocate, Mumbai
432 Answers
1 Consultation

4.9 on 5.0

Industrial co operative society and Housing co op society, Each Bye-Law is unique to each Society and to its own Members, which means "uniform bye-laws" CANNOT be formulated. 

Mohammed Mujeeb
Advocate, Hyderabad
17256 Answers
11 Consultations

4.5 on 5.0

It is governed under Maharashtra cooperative act, 1960.

You may peruse the provisions of the act in question for further relief.

 

T Kalaiselvan
Advocate, Vellore
66880 Answers
884 Consultations

5.0 on 5.0

Sec 29 is effective at present. Sections : applicable mutatis mutandis to housing societies

Yogendra Singh Rajawat
Advocate, Jaipur
20064 Answers
28 Consultations

4.5 on 5.0

  1. As per the information mentioned in the present query, makes it clear that there has been clear distinction between housing and industrial cooperatives society rules.
  2. One cannot over take the benefits of other and vis-Versa.
  3. It falls in two different heads of the law and rules.
  4. Yes, section 29 will be applicable to both as it has been mentioned in the patent act or law of the above two societies.

Sanjay Baniwal
Advocate, South Delhi
5331 Answers
13 Consultations

5.0 on 5.0

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