13 February 2014
I work as a society Manager and need guidance on a situation I am facing.
Situation : Seller A sold flat to B completing all formalities. Only action pending is approval of membership in AGM. Before that B plans to sell the same Flat to C within a month.
Question 1 : Is their restriction on sale transaction to C defined by any minimum holding period.
Question 2 : If its "No" then should C wait till B completes the transfer in AGM and then only go ahead with the transaction. transaction.
He can not sell his membership, Section 29 (2) provides that member cannot transfer any share held by him or his interest in the capital or property unless and until he has held such share or interest for a period of one year.
CAclubindia
