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Transfer of Share certificate and the flat by Gift Deed
What legal procedures should be followed by the Co operative Housing Society Ltd
( Mumbai suburban, Maharashtra )
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A.
Dear Client,
Section 30 of the Maharashtra Co-operative Societies Act, 1960 states that, on the death of a member of society, the society shall transfer the share or interest of the deceased member to a person or persons nominated following the rules and by-laws. Section 30(1) of the Maharashtra Cooperative Societies Act, 1960 provides a mandate to the society for the transfer of the share or interest of the deceased member to a person or persons nominated by the deceased member or, if no person has been nominated to such person holding a Succession Certificate as may appear before the committee to be the heir or legal representative of the deceased member. Provided, such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society. Rule 25 of the MCS Rules lays down the procedure for the transfer of the shares of the deceased member either in favour of the nominee or in favour of the heir or legal representatives of the deceased owner. To transfer a flat's share certificate to the donee of a registered gift deed in a society registered under the MCS Act, the society must first verify the gift deed and other required documents. Then, the society's Managing Committee has to pass a resolution approving the transfer. Once approved, the society will endorse the donee's name on the share certificate and update its records, and inform the Registrar of Cooperative Societies.
Section 30 of the Maharashtra Co-operative Societies Act, 1960 states that, on the death of a member of society, the society shall transfer the share or interest of the deceased member to a person or persons nominated following the rules and by-laws. Section 30(1) of the Maharashtra Cooperative Societies Act, 1960 provides a mandate to the society for the transfer of the share or interest of the deceased member to a person or persons nominated by the deceased member or, if no person has been nominated to such person holding a Succession Certificate as may appear before the committee to be the heir or legal representative of the deceased member. Provided, such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society. Rule 25 of the MCS Rules lays down the procedure for the transfer of the shares of the deceased member either in favour of the nominee or in favour of the heir or legal representatives of the deceased owner. To transfer a flat's share certificate to the donee of a registered gift deed in a society registered under the MCS Act, the society must first verify the gift deed and other required documents. Then, the society's Managing Committee has to pass a resolution approving the transfer. Once approved, the society will endorse the donee's name on the share certificate and update its records, and inform the Registrar of Cooperative Societies.
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