In order to transfer a flat in a cooperative society, some formalities need to be complied with. A housing society is a society with the objective of providing its members with plots, houses or flats. It can also be existing to provide its members with amenities and services. A society can be a co-operative society that is registered or deemed to be registered under the Society Registration Act.
A member of a housing society is a person joining in an application for the registration of a co-operative society that is subsequently registered, or a person duly admitted to membership of a society after its registration, and includes a nominal, associate and sympathiser member. An associate member jointly holds a share of a society with others, but his name does not stand first in the share certificate.
A member wanting to transfer his shares and interest in the capital or property of a society should give 15 days notice of his intention to do so to the secretary of the society in the prescribed form, along with the consent of the proposed transferee in the prescribed form. On receipt of this notice, the secretary of the society will place it before the meeting of the committee held next, pointing out whether the member is prima facie eligible to transfer his shares and interest in the capital or property of the society or not.
In the event of ineligibility of the member to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly within three days of the decision of the committee. If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society, it will direct the secretary to inform the member within three days.