Sell a land registered under Cooperative Housing Society
I have a piece of land which is a part of a Housing Coopertive Society ( formed in the 80's) and wish to sell. The Cooperative Society seems to have bylaws which states that I will have to surrender the land back to them and they will reimburse me based on current government rates and then its their discretion to sell it to their "waiting list" members.
I have a buyer who is willing to pay the amount that is relevant in the market and wish to proceed.
1. Is there a legal problem in proceeding to sell to the buyer of my choice?
2. Will the new owner of the land, post the sell-off, face any problems ( assuming that buying party is willing to pay all service fees , etc relevant to the society norms to become a member)
3. If the answer to question 1 is No , then on what grounds are the Cooperative Society executive members stating such norms ? Are bylaws of such a cooperative society so strong that it can override individual's right over the property?
Many thanks in advance