Short Answer

There may be restrictions on selling your flat share immediately after buying it, depending on the rules of the cooperative society.

Detailed Explanation

Rule 25 of the Gujarat Cooperative Societies Rules, 1965 states that a member cannot transfer his share or interest in the capital or property of the society within a specified period from the date of his admission as a member. This waiting period is typically mentioned in the by-laws of the cooperative society. The purpose of this rule is to ensure stability and continuity within the society and to prevent frequent changes in ownership.

In practice, if you wish to sell your flat share immediately after buying it, you would need to check the specific by-laws of the cooperative society to determine if there is a waiting period in place. Violating this rule could lead to penalties or legal consequences.

For example, if Mr. Patel buys a flat share in a cooperative society and tries to sell it within six months of purchase without adhering to the waiting period mentioned in the by-laws, the society may take disciplinary action against him.

Another scenario could be that Mrs. Shah purchases a flat share and finds a buyer willing to purchase it immediately. However, upon reviewing the society's by-laws, she discovers a one-year waiting period before she can transfer her share. In this case, Mrs. Shah would need to wait for the specified period before selling her flat share.

Therefore, it is crucial for members of cooperative societies to familiarize themselves with the rules and by-laws governing the transfer of shares to avoid any legal issues.

References

• Rule 25 of the Gujarat Cooperative Societies Rules, 1965: Official PDF