AGREEMENT (TRANSFER OF MANAGEMENT/ SALE OF SOCIETY AND ITS SCHOOL ALONG WITH ITS TENGIBLE, INTENGIBLE, IMMOVABLE & MOVEABLE PROPERTY

AGREEMENT (TRANSFER OF MANAGEMENT/ SALE  OF SOCIETY ) AND ITS SCHOOL ALONG WITH  ITS TANGIBLE, INTANGIBLE, IMMOVABLE & MOVABLE PROPERTY

THIS AGREEMENT is made and executed at New Delhi on this _______ day of September, 2015 between: –

1. ………………… …………… ……Society through its Chairman Sh. ……………….. S/o Sh. ……………………………….. R/o ……………………………………………….

Hereinafter collectively referred to as “ THE TRANSFEROR”, (Which expression shall unless excluded by or repugnant to the subject or context mean and include the TRANSFEROR, their legal heirs, successors, representatives, executors, nominees and assigns) of the FIRST PART;

AND

1. Sh……………. S/o Sh. …………………….  R/o  ………………………………………………………………………….……..

Hereinafter, collectively referred to as “THE TRANSFEREE”  (Which expression shall unless excluded by or repugnant to the subject or context mean and include the TRANSFEREE, its directors, their legal heirs, successors in title, successor in office representatives, executors, nominees and assigns) of the SECOND PART:

WHEREAS the ………………………………  Society was incorporated and registered under the ………………  Registration and Regulation of Societies Act, ……….. vide registration ………………………. …. ….. Dated ……….., registered office at …………………….. .  The Board of Executive member convene meeting at the registered office on …………        … Time ………. and it is resolved that Mr.  ………………  S/o Sh. …………………., Chairman of the Society is authorized to take decision on the transfer of management of the society in the interest of the society and its institution running at …………………….. ………, he is authorize  to made any sort of agreement with any party, the decision of the Mr. …………………, Chairman, will be binding upon the Society members and Society itself. All act and deeds done by Mr……………., Chairman   shall treated collective decision of Society and general body of the society. The general body members of the Society indemnify to Mr. ………………., Chairman from all the acts and deed perform by him in this regard.

WHEREAS Mr. ………………., Chairman decided that the school establish by the ………………………………. . Society is facing managment problems, the executive members are not in a position to visit school and school facing acute financial as well as the administrative losses, Mr. ………………, Chairman of the society requested to Mr. …………… S/o Sh. …… ……….,   R/o  ………………………… …………… ……………  ….,  to run school, who had agreed  on the following terms and conditions.

NOW THIS AGREEMENT WITNESSETH AS UNDER:-

1.  That the first party agreed to hand over management of the Society and its school and property situated at ……………… ……………  with all the exclusive right against the deposit of Rs…… ……………   Rs. …………………………………… ……………………… ………..  today second party given token money for Rs…………………. Rs. ……………………………………………………………………………………………… balance shall be payable within……….. days i.e. on and before………………………….
2. That the second party shall take possession of the school after paying full and final amount as decided between the parties at as is where is basis.
3. That the second party shall be free to change executive/ managing committee members and office bearers at his choice for the smooth running of the society and its institution and introduce new members as provided in the Bye laws of the society.
4. That the second party shall add delete members of the society at their request or if they were not cooperating in any manner includes the present in the executive body meeting, general body meeting.
5. That the first party hereby indemnify from the loan, advance or lien on the society, its school or property except the ……………… Bank,…………………..  loan of Rs……………… Rs………………………………………………….…  .
6. That the present office bearers, executive members and general members of the society school as annx herewith as-A. We the following officer bearers and general members hereby undertake and declare that at the satisfaction and direction of the Sh. …………………….. Chairman, we will tender resignation from the post and general membership of the …………………..  …………. Society and do not claim any sort of  lien /right on society and its school at ………………  School furniture, fixture, property i.e movable, immovable, tangible or intangible in future.
7. That the TRANSFERORS have handed over the records, to the extent available of the society, its property and school at the given date i.e……….……….. and promise to cooperate with the TRANSFREE.
8. That the TRANSFEROR shall fully co-operate and represent themselves, till addition of the name in the society, made election of the society to constitute new office bearers of the society, change in address of the Registered Office of the Society in the name of the TRANSFEREE or at his direction. Transfror shall cooperate to complete/ update record of the District Registrar of Firms and Societies,……….., (Delhi) ………..……….. and other Authorities at the request of second party. The TRANSFERORS shall also execute and sign all the necessary papers/ documents required for this purpose time to time.
9. That ………………………………… Society has all the absolute rights, title and interest in the movable and immovable property of society and school at …………………. .. and the same will be  owned and in possession by the second party or say new management, said property are free from all sorts of encumbrances such as charges, mortgage, lien, gift, will, pledge, hypothecation, Court case, injunction, stay, order, litigation, attachments , acquisition, dispute, guarantee, agreement, arrangement, settlement, power, of attorney etc.
10.  That the TRANSFEREE shall be fully entitled to get their names mutated/ transferred in the records of ……………………. or any other place/places of Revenue Authority and / or other departments /   authorities in respect of the said property as new office bearers/ management, of   ………………………….. …Society without any objection or demand whatsoever from the TRANSFEROR at their own costs and expenses.
11. That the TRANSFEROR undertake that after completion/ satisfaction of the above deal shall resigned from management/ office/ general membership of  …………………….. Society, they are left with no right, title, interest or claim of any nature whatsoever against the society and its property/school and the TRANSFEREE are free to deal with its said property in any manner as like without any interference, objection or demand whatsoever from the TRANSFERORS.
12. That in the event of any of the convents, representations, undertakings, assurances etc. made herein by the TRANSFERORS  turning out to be incorrect and the TRANSFEREE and  / or ………………………… Society  suffer any losses or damages on that account or are deprived off from  whole or any part of the said property   or if anyone else claims adverse right or interest in the property then the TRANSFERORS shall be jointly and/or severally liable and responsible for the same and shall keep harmless and indemnified ……………………………………….  Society and / or the TRANSFEREE in this regard, including professional charges, legal charges etc. the same shall be fully reimbursed by the TRANSFERORS to the TRANSFEREE without any objection or delay whatsoever.
13. That  Mr. ………., Chairman has signed Agreement that the above representations, undertaking, covenants and assurances etc. made by the TRANSFERORS are true and correct and it has given  /shall give effect to all the said transfers and changes in its records and shall comply with all formalities  accordingly.
14. That any dispute or differences arises between the parties, hereto relating to or arising out of this Agreement (include any dispute or differences as to the existence or validity thereof) shall be referred for Arbitration and the decision of the Arbitrator (s) shall be final and binding on the parties. The Arbitration shall be conducted in accordance with the provisions of Arbitration and Conciliation Act, 1996 and / or any statutory modification or re-enactment thereof and the cost of Arbitration proceeding shall be borne by  all  the parties jointly and equally. The decision of the Arbitrator shall be final and binding upon parties.
15. That this Agreement is irrevocable and binding on the management of the society along with its members of the …………………… Society and parties including their legal heirs, Representatives, nominees etc.
16. That the TRANSFEREE shall be responsible for the stamp duty, corporation tax,     transfer charges etc., if any, applicable on this transaction.

 IN WITNESS WHEREOF the parties hereto, have signed this Agreement on the day month and year first above written.

WITNESSES:

1. ………………                                                             1.  TRANSFEROR

2………………..                                                                      2. TRANSFEREE

ANN-A

List of Office bearers, Executive Members and General Members

We the following officer bearers and general members hereby undertake and declare that at the satisfaction and direction of the Sh. …………………….. Chairman, we will tender resignation from the post and general membership of the …………………..  …………. Society and do not claim any sort of  lien /right on society and its school situated at ………………  School and its furniture, fixture, property i.e movable, immovable, tangible or intangible assets in future.

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