Short Answer

No, you cannot withdraw from the society (sell your share) in the midst of a redevelopment process.

Detailed Explanation

Section 38 of the Gujarat Cooperative Societies Act, 1961 governs the transfer of shares in a cooperative society. This section prohibits a member from transferring or withdrawing his share or interest in the society during the pendency of any disciplinary proceedings or legal action against the member. This means that if a redevelopment process is ongoing, which involves legal actions or decisions by the society, you are not allowed to sell your share until the process is completed.

Additionally, Rule 94 of the Gujarat Cooperative Societies Rules, 1965 provides guidelines for the transfer of shares. According to this rule, any transfer of shares must be approved by the society's committee, and certain conditions need to be met for such transfers. In the case of a redevelopment process, the society's committee may not approve the transfer of shares until the process is finalized.

In practice, this restriction ensures that the redevelopment process is not disrupted by individual members withdrawing from the society midway. It helps in maintaining the stability and continuity of the society's operations during such crucial phases.

Real-world Scenarios

• Mr. Patel, a member of a cooperative housing society, decides to sell his share during a redevelopment process. However, he is informed by the society's committee that he cannot do so until the process is completed as per Section 38 of the Act.

• A cooperative society is undergoing structural repairs, and a member wishes to withdraw his share. The society informs him that he needs to wait until the repairs are finished, as per Rule 94 of the Rules.

Overall, the legal provisions under the Gujarat Cooperative Societies Act and Rules aim to protect the interests of all members and ensure the smooth functioning of societies during critical phases like redevelopment or structural repairs.

References

• Section 38 of the Gujarat Cooperative Societies Act, 1961: Official PDF

• Rule 94 of the Gujarat Cooperative Societies Rules, 1965: Official PDF