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 in the society or the occupancy right, except the transfer to his heir or a nominee, shall be effective, unless:— (a) the transferor vacates and gives possession of the premises to the transferee provided that the transferor may give possession of the premises pending the society’s approval for transfer; (b) the dues of the society are paid or transferred to the transferee with the consent of the society; (c) the transfer fees or transfer charges, as may be specified in the society’s bye-laws, are duly paid; (d) the previous permission of the society has been obtained in this behalf in writing and the transferee has been admitted as member.