Restrictions on Transfer of Occupation Rights

44. (a) No Member shall mortgage, assign or create any encumbrance on his flat or his right of occupation therein without the prior written permission of the Society, except in the following cases: (i) A mortgage or charge created in favour of an employer of the Member, the Life Insurance Corporation of India, or a Scheduled Bank or a Co-operative Bank, approved by the Commissioner of Co-operation, for the purpose of obtaining a housing loan; (ii) A mortgage or charge created in favour of a Housing Finance Institution registered under the National Housing Bank Act, 1987. (b) The Society shall not withhold its permission unreasonably in cases other than those covered by clause (a) above.