Payment of the Value of shares and the interest Bye - Laws 64

Wherever the question of payment of the value of the shares and the interest of any Member of the Society, in its capital/property, as the result of the acquisition of the same by the Society arises, the following procedure shall be followed :

a) The value of Shares or interest in the share capital of the society shall be decided in accordance with the provisions of Section 29 read with Rule 23 of the MSCS Rules,

b) The interest of the expelled Member in the property/capital of the Society, shall be valued by the Government approved valuer.

c) Within one month of the date of demand for payment of the value of the shares and interest in the capital/property of the Society, or acquisition of the same by the Society, the Committee shall, by the publication of the notice in at least two widely circulated newspapers and exhibition thereof on the notice board of the Society, invite offers for price proposed to be paid for acquiring an interest in the flat, within such period as is mentioned in the notice.

d) On receipt-of the offers, the Committee, in its meeting, shall scrutinize the same and decide to accept the offer which is the highest, which shall not be less than the approved value as determined in (ii) above.

e) The Committee shall then advise the person, offering the highest price, to make an application for Membership of the Society, in the prescribed form along with a demand draft for the price offered, the value of 5 Shares of the Society, and the entrance fee of Rs. 100/-.

f) On realization of the demand draft and within one month of the admission of the said person to Membership of the Society, the Committee shall arrange to pay the value of the interest in the flat realized by the Society,

   I) To the Member whose resignation has been accepted by the Committee, or

   ii) To the nominee/s legal heir/s of the deceased Member who demanded payment of the value of the Shares and the interest in the capital or property of the Society or

   iii) To the expelled Member Together with the value of the shares as determined under (i) above and after deducting the following

          a) outstanding amounts, if any, due from such Member.

          b) the entire expenses of the publication of the notice.

          c) Expenses incurred for the disposal of the interest of the Member in the property/capital of the Society. The payment shall be made in the manner provided under the bye-laws Nos. 36, 37, and 55 to the nominee/nominees or heir/heirs, respectively.