What is Maharashtra Co-operative Society Act?

What is Maharashtra Co-operative Society Act?

What is Maharashtra Co-operative Society Act?

Enacted on January 26, 1962, the Maharashtra Cooperative Societies Act provides a comprehensive framework for registration, membership, incorporation of duties and privileges of cooperative societies throughout Maharashtra.

What is Section 30 of Maharashtra Cooperative Societies Act?

Section 30 of the Maharashtra Cooperative Society Act 1960, Act provides: “On the death of a member of a society, the society shall transfer the share or interest of the deceased member to a person or persons nominated-in-interest in accordance with the rules or, if no person has been nominated, to such person as may …

How many cooperative societys are there in Maharashtra?

two lakh cooperative societies
With its population, it is not a shock that there are over 5 crore members to the existing nearly two lakh cooperative societies. Cooperative housing societies are a part of the cooperative societies and are governed by the Maharashtra Cooperative Societies Act 1960 (latest Maharashtra cooperative Societies Act 2019).

Can family members be members of co-operative society?

Sir no other provisions of the above Regulations restrict or disqualifies member of same family for admission in any cooperative society. The first TEN members must be from TEN families after that there is no bar for two families to join the CHS.

Can a nominee sell property?

As a nominee, they holds the flat in trust for the legal heirs of the deceased and they will be bound to transfer the flat in the name of such legal heirs and will not be legally entitled to sell/transfer the flat to any third party without the daughter’s consent.

Does nominee become owner of flat after death?

The nominee does not become the absolute owner of the property. He is only empowered to hold the property in trust for the real owners for the purpose of dealings with the society. He has no power, authority or title to alienate the property to the exclusion of the other legal heirs of the deceased member.

Who Cannot become a member of cooperative society?

1. No person shall be eligible for admission as a member of a co-operative society if he… (iii) he or his spouse or any of his dependent children is a member of any other housing society except otherwise permitted by the Registrar. 2.

Who inspects cooperative societies?

(1) The Central Registrar may, on a request from a federal co-operative to which a Inspection of multi state cooperative society is affiliated or a creditor or not less than one-third of the members of the board or not less than one-fifth of the total number of members of a multi state cooperative society by general or …