Conditions and Documents for Transfer

(a) (i) Every application for transfer of shares and interest shall be made in the prescribed form.

(b) (ii) In the case of a voluntary transfer under Bye-law No. 26(iii), the following documents shall ordinarily accompany the application:—

(i) (a) application by the transferor;

(ii) (b) application for admission to membership by the proposed transferee;

(iii) (c) resignation of the transferor from membership;

(iv) (d) the original Share Certificate, wherever available;

(v) (e) the duly stamped and registered instrument or document referred to in Bye-law No. 26;

(vi) (f) proof of payment of the transfer fee, entrance fee and premium, wherever applicable;

(vii) (g) such declarations, undertakings and other documents as may be prescribed under the Act, the Rules and these Bye-laws.

(c) (iii) In the case of a transfer under Bye-law No. 26(iv), the Committee shall require only such documents as are applicable to such transfer, and the absence of the transferor's application, resignation, consent, declaration, undertaking or the original Share Certificate shall not, by itself, be a ground for refusing the transfer.

(d) (iv) Before approving any transfer, the Committee shall satisfy itself that—

(i) (a) the proposed transfer complies with the provisions of the Act, the Rules, Government directions and these Bye-laws;

(ii) (b) the transferor had a lawful right, title and interest capable of being transferred, or that the applicant has lawfully acquired such right by operation of law;

(iii) (c) the proposed transferee is eligible for admission as a Member;

(iv) (d) the documents produced establish the entitlement of the applicant to seek transfer;

(v) (e) where required under any law, lease, grant, allotment or direction of any competent authority, the necessary approval, permission or No Objection Certificate has been obtained; and

(vi) (f) all other requirements prescribed under the Act, the Rules and these Bye-laws have been complied with.

Explanation: Nothing contained in this Bye-law shall affect the first charge of the Society under Section 154B-7 of the Act, and the rights of the Society to recover its dues in accordance with the provisions of the Act and other applicable laws shall remain unaffected.