Society cannot do 2 transfer in one year
2) it would be 365 days
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 ?
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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.
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
- 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.
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
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
Please make your question specific and clear to understand the type of the property and transfers which is authorised by its bye laws
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.
A property can be transferred two time during a period of one year there is no such limitation for transfer of property.
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.
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.
As per new amended Maharashtra Co-operative Society Act 2019, Section 29 is removed in Amended Housing Co-operative Society act. The same is applicable to Industrial Co-operative Society or not ? Does Industrial Co-operative Society laws fall under Housing co-op Society Laws or it falls under General Co-operative Society Laws.
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.
It is governed under Maharashtra cooperative act, 1960.
You may peruse the provisions of the act in question for further relief.