I am a secretary of a Co-operative housing society.
I have received an application for transfer of 50 % of shares to a new member through a gift deed by an existing member.
Please let me know if 50 % of share can be transferred and a new person be admitted as a joint member and his name be included in the share certificate.
I C Naik
The answer is No. First of all in cooperative societies “Joint member” is not recognized. Its close variant is Associate Member. If Bye-Laws so permits a member can admit any other adult (not disqualified otherwise) as Associate member by paying Rs 100 as entrance fees and the person making application in that behalf. Moreover a member of CHS must hold minimum number of shares specified in the registered bye-laws of that society. A member holding minimum number of shares cannot transfer part of the holding. Moreover transfer of share alone is not permissible as the shares and flat go together.
