Transfer of Shares and Interest Among Living Members

38. (a) A Member desirous of transferring his shares and interest in the capital/property of the Society to another person shall give at least 15 days' notice in writing to the Secretary of the Society, along with the written consent of the proposed transferee. (b) No No-Objection Certificate from the Society shall be required for such transfer. (c) The Committee shall consider the application and communicate its decision within 3 months of receipt thereof. If no decision is communicated within 3 months, the transfer shall be deemed to have been approved. (d) The following documents shall be submitted along with the application: (i) Application for transfer in the prescribed form; (ii) Original Share Certificate; (iii) Resignation letter of the transferor; (iv) Registered agreement for sale; (v) Reasons for transfer; (vi) Indemnity bond in the prescribed form; (vii) Transfer fee of Rs. 500/-; (viii) Entrance fee of Rs. 100/- from the transferee; (ix) Premium, as applicable, in accordance with the Government Circular in force. (e) The premium payable by the transferor to the Society shall not exceed the maximum limit fixed by the State Government by circular issued from time to time. (f) The application shall not be rejected except on grounds of non-compliance with the Act, Rules or these bye-laws.