Disposal of Transfer Applications

(a) (i) The Secretary shall scrutinise every application for transfer of shares and interest within fifteen days from the date of its receipt. Where any document, information or compliance is found deficient, the Secretary shall communicate such deficiency to the applicant in writing or by electronic means, specifying the documents, information or compliances required. Only a complete application together with all prescribed documents and compliances shall be placed before the Committee for consideration. No transfer shall be recorded by the Society unless it complies with the provisions of the Act, the Rules, Government directions and these Bye-laws.

(b) (ii) The Committee shall consider and decide every complete application for transfer within thirty days from the date on which all prescribed documents, information and compliances are received by the Society. The decision of the Committee shall be recorded in the minutes of the meeting and shall be communicated to the applicant within seven days from the date of such decision.

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

(iv) (d) all prescribed documents, declarations, undertakings, fees and other requirements under the Act, the Rules and these Bye-laws have been duly complied with; and

(v) (e) in every transfer other than a transfer consequent upon the death of a Member, all dues payable to the Society in respect of the shares and interest and the flat/unit have been paid in accordance with the provisions of Section 154B-7 of the Act.

(d) (iv) In the case of a transfer consequent upon the death of a Member, the existence of outstanding dues payable by the deceased Member shall not, by itself, be a ground for refusing admission of a Provisional Member or refusing transfer of the shares and interest to the person or persons entitled thereto under the Act, the Rules and these Bye-laws. Nothing contained in this clause shall affect the first charge of the Society under Section 154B-7 of the Act or its right to recover such dues in accordance with law.

(e) (v) No application for admission to membership or transfer shall be refused except for non-compliance with the provisions of the Act, the Rules, these Bye-laws or any lawful order issued by a competent authority. Every order refusing the application shall be in writing and shall state the reasons therefor.

(f) (vi) Where the Society fails to communicate its decision within three months from the date of receipt of the complete application, the applicant may claim the benefit of deemed membership under Section 22(2) of the Act. Such claim shall be subject to an order of the Registrar passed under the Act after giving an opportunity of hearing to the parties concerned.

(g) (vii) 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, wherever required, and communicate the admission of the transferee in the prescribed manner.