Transfer of Shares and Interest During the Lifetime of a Member

(a) (i) A Member may transfer his shares and interest in the capital/property of the Society by—

(i) (a) a duly stamped and registered Agreement for Sale or Conveyance;

(ii) (b) a duly stamped and registered Gift Deed;

(iii) (c) a duly stamped and registered Exchange Deed;

(iv) (d) a Sale Certificate issued by a Court, Recovery Officer under the Maharashtra Co-operative Societies Act, 1960, an Authorised Officer under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, a Bank, Financial Institution, Credit Agency or any other Competent Authority under any law for the time being in force; or

(v) (e) any other duly stamped and registered instrument or document recognised under any law for transferring the right, title and interest in the flat/unit together with the shares and interest in the Society.

(b) (ii) Every transfer referred to in clause (i) shall be subject to the provisions of the Act, the Rules, Government directions and these Bye-laws.

(c) (iii) A transfer under clauses (a), (b), (c) and (e) shall be treated as a voluntary transfer made by the Member.

(d) (iv) A transfer under clause (d) shall be deemed to be a transfer effected by operation of law or pursuant to statutory recovery or legal proceedings, and such transfer shall not be invalid merely because the transferor is unable, unwilling or not available to execute any application, resignation, declaration, undertaking or other document ordinarily required for a voluntary transfer.