- [(1)] [Section 10 was renumbered as sub-section (1) of that section and sub-section (2) was added by Maharashtra 15 of 1971, Schedule] As soon as a minimum number of persons required to form a Co-operative society or a company have taken flats, the promoter shall within the prescribed period submit an application to the Registrar for registration of the organisation of persons who take the flats as a co-operative society or, as the case may be, as a company; and the promoter shall join, in respect of the flats which have not been taken, in such application for membership of a co-operative society or as the case may be, of a company. Nothing in this section shall affect the right of the promoter to dispose of the remaining flats in accordance with the provisions of this Act.

[Provided that, if the promoter fail within the prescribed period to submit an application to the Registrar for registration of society in the manner provided in the Maharashtra Co-operative Societies Act, 1960, the Competent Authority may, upon receiving an application from the persons who have taken flats from the said promoter, direct the District Deputy Registrar, Deputy Registrar or, as the case may be, Assistant Registrar concerned, to register the society:

Provided further that, no such direction to register any society under the preceding proviso shall be given to the District Deputy Registrar, Deputy Registrar or, as the case may be, Assistant Registrar, by the Competent Authority without first verifying authenticity of the applicants request and giving the concerned promoter a reasonable opportunity of being heard.] [These provisos added by Maharashtra 4 of 2008, (w.e.f. 25-2-2008), Section 5.]

(2)

[ If any property consisting of building or buildings is constructed or to be constructed [and the promoter submits such property to the provisions of the Maharashtra Apartment Ownership Act, 1970, by executing and registering a Declaration as provided by that Act] [Section 10 was renumbered as sub-section (1) of that section and sub-section (2) was added by Maharashtra 15 o 1971, Schedule] then the promoter shall inform the Registrar as defined in the Maharashtra Co-operative Societies Act, 1960, accordingly; and in such cases, it shall not be lawful to form any co-operative society or company].

[* * * * * * *] [The words 'and each apartment owner shall be entitled to the exclusive ownership and possession of his apartment as provided in the first mentioned Act' were deleted, by Maharashtra 53 of 1974, Section 6(d) M.G.G. Part IV page. 666.]