1. To submit an application for transfer of his/her shares and interest in the capital/property of the society, in the prescribed form, along with the Share Certificate
2. To submit an application for membership of the proposed transferee in the prescribed form
3. To give valid reasons for the proposed transfer
4. To discharge all the liabilities of the society
5. To pay the transfer fee of Rs. 50/-
6. To remit entrance fee of Rs. 10/- payable by the proposed transferee
7. To pay the amount of premium at a rate to be fixed by the general body meeting not exceeding 2.5 percent of the difference between the book value of the flat and the price realised by the transfer, on transfer of his flat, or Rs. 25,000/- (Rupees Twenty-five Thousand Only) whichever is less. No additional amount by way of donation, etc. will be taken unless it is paid voluntarily by the member.
8. To submit No Objection Certificate required under any law for the time being in force or order or sanction issued by the Government, any financing agency or any authority
9. To furnish the undertaking/declaration in compliance with the provisions of any law for the time being in force, in such form as is prescribed under these bye-laws.

Note: The condition at Sr. No. (vii) above shall not apply to transfer of Shares and interest of the transferor in the capital/property of the Society to the member of his family or to his nominee or his/her legal representative.

(a) The procedure for disposal of application for transfer of shares and/or interest of members in the capital/property of the Society as laid down under the model bye-laws No. 67 shall be followed by the Secretary and the Committee of the Society.

(b) The managing committee or the General Body, as the case may be shall not refuse any application for admission to membership or transfer of shares and interest in the capital/property of the society except on the ground of non-compliance of the provisions of the Act, the Rules and the bye-laws of the society or any other law or order issued by the Government in exercise of the statutory powers vested in it.

(c) If the decision of the Committee/General body meeting as the case may be, on the application for the transfer of shares and/or interest in the capital/property of the society is not communicated to the applicant within 3 months of its receipt, the transfer application shall be deemed to have been accepted and the transferee shall be deemed to have been admitted as a member of the society as provided under Section 22(2) of the Act.

(d) Any transfer made in contravention of the Act, Rules or the bye-laws will be void and will not be effective against the society.

The transferee shall be eligible to exercise the rights of membership on receipt of the letter in the prescribed form from the society.

-By Vimal Punmiya, B. Com, L.L.B.(Gen), F.C.A.