Query regarding no share can be transferred unless the share has been held for one year before the transfer
Under Section 29 (2) (a) of the Maharashtra Co-operative Societies Act, 1960, no share can be transferred unless the share has been held for one year before the transfer .
I have a residentiall property in Mumbai which i got through Gift deed from my Mother around 5 years ago. Share Certificate is in my Name since 5 years.
Now i wish to transfer 50% of shares of the above property to my Wife by Gift deed
My query is after transferring 50% of my shares to my wife after which my wife's name shall be added in the back side of share certificate as second holder. After this if i sell this property then as per sec. 29(2), do the new purchaser has to wait for one year from the date of addition of my wife, second holder in Share Certificate
Share transfer lock in period 1 year