Application Decision

Bye-law No. 39

39. a. DISPOSAL OF SHARE TRANSFER APPLICATION

The procedure for disposal of applications for transfers of shares and/ or interest of Members in the capital/property of the Society as laid down under the bye-law No. 62 shall be followed by the Secretary and the Committee of the Society

39. b. ACCEPTANCE OR REJECTION OF APPLICATION

A meeting of the Committee or the General Body, as the case may be, shall not refuse any application for admission to Membership of transfer of shares and interest in the capital/property of the Society except on the ground of noncompliance 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.

39. c. DELAYED DECISION IS DEEMED ACCEPTANCE OF SHARE TRANSFER

If the decision of the Committee/General Body meeting as the case may be, on the application for transfer of Shares and/or interest in the capital/ property of the Society is not communicated to the applicant within three 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.