(1) Every society registered under this Regulation shall be competent to sell, transfer or alienate any of its immovable properties subject to the following, namely:––
(a) in case the immovable property is acquired from the Government, or any of its instrumentalities or a municipal body or gram panchayat or any other authority, with the prior written permission of the Government;
(b) in case the immovable property is acquired by means of a conditional gift or conditional donation from any source, in accordance with such conditions and subject to the prior permission of donor or his authorised representative and in case the donor is not alive and has left no such authorised representative, with the prior permission of the District Registrar;
(c) in case the immovable property is acquired by the society from and out of its own resources or funds or borrowings, with the prior permission of the General Body, by a special resolution.
(2) The Governing Body shall determine the reserve price of any immovable property referred to in sub-section (1), which shall not be less than the applicable Collector rates, before its disposal, so as to ensure that it is not sold or transferred at an undervalued consideration.
(3) The expression “Collector rates,” referred to in sub-section (2), commonly known as circle rate or ready reckoner rates, means the minimum price value set by the Government to determine the stamp duty and registration charges in specified areas, based on factors such as location, market trends and infrastructure.
(4) The proceeds from the transfer or sale of any immovable property of the society, wherever conducted in accordance with the provisions contained in this section, shall be immediately deposited in the account of the society, but not later than three working days from the date of receipt of transfer or sale proceeds, as the case may be.
(5) Where any office-bearer of the Governing Body indulge in violation of the provisions contained in sub-section (1) or sub-section (2) or sub-section (4), the District Registrar shall be competent to take any or all of the following actions, namely:––
(a) where the amount of consideration is not deposited in the account of the society within three working days, direct such office-bearer to pay interest out of his own funds at the rate of twenty-four per cent. for the period it remained in his possession, but such period shall in no case be more than thirty days;
(b) where the immovable property has been sold or transferred at an undervalued price, recover the difference assessed on the basis of Collector rates from the erring office-bearer and deposit the same in the account of the society;
Sec. 1] THE GAZETTE OF INDIA EXTRAORDINARY 1111 38 of 1949.
(c) where the immovable property has been disposed of without the permission as required under sub-section (1), or without complying with the conditions applicable, recover the amount along with any additional amount as assessed on the basis of Collector rates, from the concerned office-bearer and deposit the same with the allotting authority.
(6) Where the recovery of any amount is due from any erring office-bearer under sub-section (5) in the course of enforcement, and such erring office-bearer fails to deposit the said amount within the period specified in the said sub-section, the District Registrar shall be competent to recover such amount as arrears of land revenue.
(7) Nothing in this section shall absolve the office-bearer from criminal action.
24. Every society, to such extent and under such conditions, as may be permitted under its bye-laws, from time to time, invest or deposit any portion of its funds not immediately required––
(a) in immovable properties; or
(b) in securities of the Government or in National Savings Certificates or other securities of the Government of India;
(c) in the post office savings bank account; or
(d) in a special account opened by the society for the purpose in––
(i) a Scheduled Bank as authorised or notified by the Reserve Bank of India; or
(ii) a co-operative bank situated in the Union territory; or
(iii) such other mode of investment, as may be prescribed.
CHAPTER IX ACCOUNTS, AUDIT AND FILING OF DOCUMENTS