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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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EXPULSION OF A MEMBER

By Vinod Sampat, Advocate

Posted on 14 Feb 2003

  1. A member may be expelled from the membership of the Society if such a member.

i. Has persistently dialed to pay the charge to the society.

ii. Has will fully deceived the Society by giving false information.

iii. Has used his flat for immoral purposes or misused it for illegal purposes habitually.

iv. Has been in the habit of committing breaches of any of the provisions of the bye laws of the society which in the opinion of the committee are of serious nature.

v. Has furnished false information or omitted to furnish the material information to the registering authority at the time of registration of the society.


 

  1. (a) The cases of expulsion form the membership of the society shall be dealt within the manner provided under section 35 of the act read with rules 28 and 29 of the rules.

(b) Expulsion form the membership may involve forfeiture of the shares held by the member where the committee decides that expulsion form membership should also involve forfeiture of the shares it shall make necessary reference to the proposed for forfeiture of the shares in the notice to be issued under ruels 29.


 

  1. The member duly expelled from relationship of the Society shall cease to be a member of the Society with effect from the date on which the resolution of expulsion for the membership of the society is approved by the registered authority the forfeiture of the shares shall take effect after the meeting of the general body ahs so decided and the resolution of expulsion form the membership of the society has been approved by the registering authority.

  2. The member who has been duly expelled from the membership of the Society shall not be entitled to continue in occupation of his flat and he shall arrange to handover peaceful and vacant possession of his flat to the Secretary of the Society within such period as the Committee may allow on his failure to do so the shall be liable to be evicted form his flat.

  3. The shares if the meeting of the general body of the Society has decided not to forfeit and interest of the expelled member in the capital property of the society shall be acquired by the Society and the value thereof shall be paid to the expelled member within 3 months of his handing over possession of his flat or his eviction from it after following the procedure as laid down the bye-law no.68 in respect of payment of the value of the share and interest in the capital property of the Society acquired by the Society.

  4. No member of the Society who has been expelled from its membership shall be eligible for readmission to membership in this Society until expiry of the period of one year from the date of this expulsion provided that on the recommendations of the meeting of the general body of this Society the expelled member may be readmitted to its membership as special case. Before the expiry of the period of one year with the prior permission of the registering authority.

C) CESSATION OF MEMBERSHIP

  1. The person shall cease to be the member of the Society.

  1. On his resignation form membership of the society having been accepted by the committee.

  2. On transfer of all his shares and interest in the capital property of the Society.

  3. On his death.

  4. On his expulsion from the membership of the society.

  5. On being adjudged as an insolvent or legally disabled form continuing as member.

The committee shall take further action in the matter as indicated in the bye-law no.62a.

  1. The person shall cease to be the associate member of the Society when the original member cease to be the member of the Society or on the death of the associate member or on the acceptance of the registration of the associate member by the committee.

The committee shall take further action in the matter as indicated in the bye-law no.62a.

  1. If there is a nominal member occupying the flat on behalf of the firm company or any other body corporate he shall cease to be as such member of the society.

  1. on his death

  2. on the acceptance of his resignation by the committee

  3. on cessation of membership of the original member on whose behalf he occupies the flat in the Society.

  4. on cessation of his nomination on account of expulsion of the original member

  5. on intimation from the original member of termination of the occupants nomination.

The committee shall take further action in the matter as indicated in the bye law no.62a.

  1. The nominal member who is the sub letter licensee or possessor in any other manner of the flare or the part thereof shall cease to be as such member of the Society.

  1. on his death

  2. on his resignation having been accepted by the committee.

  3. On the cessation of the membership of the original member.

  4. On the expiry of the period for which the flat or part thereof was permitted to be sub let given on leave and license or caretaker basis or occupied in any other manner.

The committee shall take further action in the matter as indicated in the bye law no 62a.

5 (A) the committee shall record the facts of cession of original members membership of the Society under the bye-law no.59 and of the associate and nominal member membership respectively under the bye laws nos.60,61 and 62 in the minutes of its meeting the Secretary of the Society shall end intimations of cessation of membership to the members the associate members or the nominal members within 7 days of the dates of the meetings of the committee in case in which.


 

The fact about cessation of membership were recorded in case of cessation of associate and nominal members membership similar intimations shall be sent to the original member also.

D) RESTRICTIONS ON HOLDIGN MORE THAN ONE FLAT.

  1. a) No individual member of the Society shall be eligible to hold more than one flat in the area of operation of the Society in his same or in the name of any of the members of his family without the previous consent in writing of the committee of the Society.

b) The member who desire to hold additional flat in the area of operation of the Society in his name or in the name of any of the members of his family shall make an application to the secretary of the Society in the prescribed down giving full justification for holding the additional flat.

2. The procedure for disposal of applications for permission to hold more than one flat as laid down under the bye law no 67 shall be followed by the Secretary and the Committee of the Society.