Unregistered declaration of gift of Shares held by a Member of Co-operative Hsg. Society Ltd , property thereunder cannot be said to be validly transferred even though accepted by donee. Accordingly the gift was held to be not valid . Attachment of property for recovery is held to be valid .
Jetu Jacques Taru Lalvani v. Solestrap Industries Ltd. (2006) 3 AIR Bom R 281/ , AIR 2006 (NOC) 780 (Bom)/ 2006 (1) MHLJ 21 (Bom) (HC)
Maharashtra Co -Operative Society Act ,1960
S.41 : Exemption from compulsory registration of Instruments relating to shares and debentures of Society – Gift of shares of Co-op Hsg. Society- Gift of immoveable property -Unregistered declaration of gift of Shares held by a Member of Co-operative Hsg. Society – Property thereunder cannot be said to be validly transferred even though accepted by donee.[ Indian Registration Act ,1908, S.17 , Transfer of property Act , 1882 , S. 53, 123 ]