Bye-law 44Ch.3 · Membership
Restrictions on assignment of occupancy right in the flat
Heading as printed in the official Model Bye-laws.
Official Text
Restrictions on assignment of occupancy right in the flat.
44. No Member of the Society shall assign, mortgage or create any charge on his occupancy right in the flat without the previous permission in writing of the Society.
Provided that such permission of the Society will not be required for assigning, mortgaging or creating any charge on the occupancy right in the flat for the purpose of obtaining loan, either for purchase of the flat or for liquidating the liability incurred by him for the said purpose by way of loan or advance from the employer or the Member or from the Life Insurance Corporation of India or from a Bank or the Society or any other agency approved by the Commissioner for Co-operation and Registrar, C.S.M.S. Pune.
Related form: 20(1) – Notice of Intention to Transfer Flat
Next step
- 20(1) – Notice of Intention to Transfer Flat
- Society office: issue a sale, loan or mortgage NOC on SocietySeWA
The Model Bye-laws do not require a society NOC to transfer shares (bye-law 38(d)). Banks, however, usually ask for one before a home loan or mortgage, so members commonly ask the society office for a sale, loan or mortgage NOC.
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43. Sub-letting etc. not permissible except under the Society's permission
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45. Flats to be maintained
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