Section 4 of the Maharashtra Ownership and Flats (Regulation of the Promotion of Construction, Sale , Management and Transfer )Act 1963 requires an agreement to be drawn up in respect of sale with each of persons who have taken a flat on ownership basis before accepting any money as advance or deposit and such advance payment of money or deposit cannot exceed 20% of the Sale price under the agreement. Section 4 (1A) provides that the agreement should be in the prescribed form and to contain several matters therein.
The duty in respect of an agreement covered by Explanation 1 to Art.25 o Sch1 to the Bombay Stamp Act 1958 is leviable as if it is a conveyance .If there is an agreement to sell immovable property and possession of such property is transferred to the purchase before the execution or at each time of execution or subsequently without executing any conveyance in respect thereof, such an agreement to sell is deemed to be a conveyance. In the event of a conveyance is executed in pursuance of such agreement subsequently , this stamp duty already paid and discovered o the agreement for sale which is deemed to be a conveyance shall be adjusted towards the total duty leviable on the conveyance.
Organisation and Registration of Cooperative Societies
The first point that has be looked into in respect of organisation of a co-operative society is that the person who would be its members of a Cooperative Society is that the person who would be its members must be persons with needs and interest in common. One of the objects of Society would have to be promotion of thrift ,self help and mutual and among the members . There must be at least 15 members to form a society except in case of an Engineers Cooperative where at least 7 members are required. In case of individuals , the persons must be of age 18 years and above i.e those who are competent to contract. When a society is meant to be credit society, its members must reside in the same town or village or group of villagers or they must be members of the same class or occupation.With regard to the question of liability it has been stipulated that a society may be of any type of any liability-limited or unlimited. In respect of a society with limited liability , the last word in its name must be " Limited"
