Transfer on the Basis of Registered Family Arrangement

(a) (i) Where, after the death of a Member or any Joint Member, the legal heirs or legal representatives have entered into a duly stamped and registered Deed of Family Arrangement determining the shares, rights, title and interest of the deceased Member in the flat/unit and the shares and interest in the capital/property of the Society, they may apply for transfer in accordance with such Deed.

Explanation: For the purposes of this Bye-law, "Family Arrangement" means a duly stamped and registered arrangement or settlement entered into amongst the legal heirs or legal representatives of the deceased Member for distribution of the shares, rights, title and interest of the deceased Member.

(b) (ii) The application shall be made in the prescribed form and shall be accompanied by—

(i) (a) the original or a certified copy of the duly stamped and registered Deed of Family Arrangement;

(ii) (b) an Indemnity Bond indemnifying the Society against any future claims in respect of the shares and interest of the deceased Member;

(iii) (c) the original Share Certificate, wherever available; and

(iv) (d) such other documents as may be prescribed under the Act, the Rules and these Bye-laws.

(c) (iii) Upon receipt of the application, the Committee shall publish a public notice in the manner prescribed under the Rules inviting claims or objections, if any, from persons claiming any right, title or interest in the shares and interest of the deceased Member.

(d) (iv) If no claim or objection is received within the prescribed period and the Committee is satisfied that the application complies with the Act, the Rules and these Bye-laws, it may approve the transfer in accordance with the registered Deed of Family Arrangement.

(e) (v) Where any claim or objection is received, or where the Committee is satisfied that a dispute exists regarding the rights of the legal heirs or the validity or effect of the Deed of Family Arrangement, the Committee shall not determine such dispute and shall require the parties to produce appropriate succession documents or an order of the competent Court before considering the transfer.

(f) (vi) Upon approval of the transfer, the Society shall admit the transferee as a Member, record the transfer in the Register of Members and other statutory records, endorse or issue the Share Certificate in accordance with the Act, the Rules and these Bye-laws, and the Provisional Membership, if any, shall thereupon cease.