Transfer Of Shares And Interest In The Capital/Society

Part 3

v     Action after the approval of the transfer

After the transfer has been approved, the following action must be taken by the society:

(a) Where the society has taken a loan from the Maharashtra Co-operative Housing Finance Society Ltd., it should furnish information to the Maharashtra Co-operative Housing Finance Society in the firms prescribed. Requesting the Housing Finance Society to approve the transfer. The transfer should not be given effect to until the approval is received from the Maharashtra Co-op. Housing Society Finance Ltd.

(b) The transferor and the transferee should be informed of the decision of the Managing Committee accepting the transfer in prescribed form under Bye-law No.40.

I A remark should be made in the Member – Register ‘I’ Form about the transfer in respect of the transferor and the name of the transferee should be entered on a separate sheet of the Register, after the last entry therein.

(d) In the list of members in the ‘J’ Form, against the name of the transferor, a remark should be made “Ceased to be member under Resolution of the Managing Committee Meeting held on ______________________”, and the name of the transferee be entered in the ‘J’ Register after the last entry therein.

      (e) In the Shares Register, against the name of the transferor, the remark “Transferred to Shri/Shrimati ____________________________  under should be made and the transferee’s name should be entered after the last entry in the register with the required details.

(a)      Necessary endorsement should be made on the reverse of the share certificate, under the signatures of the Chairman, the Hon. Secretary and one Managing Committee duly authorised in that behalf. It is not at all necessary to issue a new share certificate to the transferee who has been admitted to the membership of the society.