section 21
Restrictions on sale or transfer of immovable property
The Lakshadweep Registration of Societies Regulation, 2025Corporate202563 sections14 chapters
Chapter VIII PROPERTY AND FUNDS OF SOCIETIES
Statutory text
- (1) A society registered under this Regulation shall be competent to sell, transfer or alienate any of its immovable properties subject to the following, namely:––
- (a) in case the immovable property is acquired from the Government or any of its instrumentalities or a municipal body or District panchayat or gram panchayat or any other authority, with the prior permission of that Government in writing;
- (b) in case the immovable property is acquired by means of a conditional gift or conditional donation from any source, in accordance with such conditions, subject to the prior permission of donor or his authorised representative, and in case the donor is not alive and has left no such authorised representative, with the prior permission of the Registrar in writing;
- (c) any other immovable property acquired by the society from and out of its own resources or funds or borrowings, with the prior permission of the General Body, by a special resolution.
- (2) The Governing Body shall determine the reserve price of any such immovable asset, which shall not be less than the applicable collector rates, before its disposal, so as to ensure that it is not sold or transferred at an undervalued consideration.
- (3) The proceeds from the transfer or sale of any immovable property of the society, conducted in accordance with the provisions of this section, shall be immediately deposited in the account of the society.
- (4) Where any office bearer of the Governing Body contravenes the provisions of sub-sections (1),
- (2) and (3), the Registrar shall be competent to take any or all of the following actions, namely:––
- (i) where the amount of consideration is not deposited in the account of the society within three working days, direct such office bearer to pay interest out of his own pocket at the rate of twenty-four per cent. for the period it remained in his possession but such period shall in no case be more than thirty days;
- (ii) where the immovable asset has been sold or transferred at an undervalued price, recover the difference assessed on the basis of collector rates from the erring office bearer and deposit the same in the society’s account; and
- (iii) where the immovable asset has been disposed of without the permission as required under sub-section (1) or without complying with the conditions applicable, recover the amount, along with any additional amount as assessed on the basis of collector rates, from the concerned office bearer and deposit the same with the allotting authority.
- (5) Where the recovery of any amount is involved from any person in the course of enforcement of sub-section (4), and the persons concerned do not deposit the said amount within the period allowed, the Registrar shall be competent to recover such amount as arrears of land revenue.
- (6) Nothing under this section shall absolve the office bearer from criminal action. ---
Study data processing for this section.
PDF: pending for this language.