legal validity of a deed of conveyance

Dear Client,
In response to instant query in reference to your earlier query, it is reiterated that according to Section 92(1) of the West Bengal Co-operative Societies Act, 2006, any allotment (including re-allotment) of a plot of land or a house or apartment in a building made by a Co-operative housing society to its member in accordance with its by-laws shall entitle such member to hold such plot of land, house or apartment, as the case may be, with such title or interest as may be granted under the prescribed conditions, and, subject to the provisions of sub-section (1) of section 61 an instrument of transfer in accordance with the provisions of Transfer of Property Act, 1882 (4 of 1882) and the Registration Act, 1908 (16 of 1908), shall be the conclusive evidence of such title or interest in favour of such member. As per Sub-Section 2 of Section 92, a member of a Co-operative housing society shall not be entitled to any title or interest in any plot of land or house or apartment in a building until he has made such payment as may be prescribed towards the cost of such plot or land or construction of such house or apartment or both, as the case may be, to the Co-operative housing society. Further, attention is invited to Rule 131(3)(a) (iv) of the West Bengal Co-operative Societies Rules, 2011, that states that the transferee formally applies for membership of the society with requisite documents like as the copy of bipartite agreement of the proposed deal of transfer and a declaration to the effect in the form of an Affidavit that he/she /they will submit a certified copy of the registered sale deed to the society as required for admission as a member of the society in compliance of the Section 87(2) of the Act. So, subject to compliance with the statutory provisions of the Act and Rules, if a tripartite arrangement is executed between the parties that may be deemed legally valid. Therefore, first ensure whether all the mandates of the Act and Rules are complied with before the deal. Hope the matter stands clarified.