PANAJI
The State government has notified Goa Co-operative Societies (Fifth Amendment) Rules, 2024, under which co-operative societies will have to pay Rs 10,000 to the State from the premium amount collected from members during the transfer of shares and occupancy rights of a plot of land, housing unit, or commercial unit.
The Rules also state that the member seeking transfer will have to pay a fixed transfer fee of Rs 2,000 and an amount of premium at the rate of up to two per cent of the market value of the property to the society.
The Department of Cooperation had kept the draft Goa Co-operative Societies (Fifth Amendment) Rules, 2024, for public views on January 31.
Furthermore, from the premium amount, the society will have to pay Rs 10,000 to the government treasury.
“If the society fails to deposit the amount in the government treasury, such amount shall be recovered by the Registrar from the society, along with interest at the rate of four per cent as arrears of land revenue,” stated the rules.
“Any transfer of share or interest of the member approved by the society in contravention of these Rules shall be ab initio null and void,” it further said.
