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Restriction on transfer of share or interest of a member

Subject to the provisions of this Act, in the case of a co-operative housing society, no transfer of share or interest of a member or the occupancy right, except the transfer to his heir or a nominee, shall be effective, unless -

(a) the previous permission of the co-operative housing society has been obtained by the transfer or by paying the transfer fee; 

(b) the dues of the co-operative housing society are paid or transferred to the transferee with the consent of the co-operative housing society;

(c) the transfer or vacates and gives possession of the premises to the transferee; and 

(d) the transferee applies and acquires membership of the co-operative society :

Provided that the transfer of share or interest in respect of lease hold properties shall be governed by the terms of the lease. 

Last Updated Date :- 10-05-2018

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  • Page last updated on: 25-01-2022