Society Member Share Transfer
The transfer of membership shares in a society can take place if the society's bylaws and rules permit such a transfer. The process for transferring membership shares typically involves the following steps:
Check the society's bylaws and rules: Before initiating the share transfer process, it is essential to check the society's bylaws and rules to ensure that membership shares can be transferred.
Obtain a transfer form: The society usually provides a transfer form, which must be completed by the transferor (existing member) and the transferee (new member).
Pay transfer fees: The society may charge a transfer fee, which must be paid by the transferor or the transferee, as specified in the society's bylaws and rules.
Submit transfer form and other documents: The transferor and transferee must submit the completed transfer form and other required documents, such as proof of identity and address, to the society.
Approval by the society: The society's governing body reviews the transfer application and either approves or rejects it. If approved, the transferee becomes a member of the society.
Documents required for Society Member Share Transfer:
Transfer form: The society's transfer form, which must be completed and signed by both the transferor and transferee.
Proof of identity and address: The transferor and transferee must submit proof of identity and address, such as a copy of their passport, driving license, or Aadhaar card.
Society bylaws and rules: A copy of the society's bylaws and rules must be submitted along with the transfer form.
Transfer fee receipt: A receipt for the transfer fee paid by the transferor or transferee must be submitted to the society.
The time required for the share transfer process may vary depending on the society's governing body's review and approval process. Generally, it may take around 2-4 weeks to complete the transfer process.