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HEMANT (AVP)     31 January 2012

Chs membership -either or survivor and nomination

Myself and my wife are joint owners of a flat in CHS in Maharashtra. The Share certificate is also in joint names- in that order.  As per the New Modern Bye Laws of Maharashtra Co-op. Housing Societies-CHS-as amended upto 2012 -

(a) is this holding considered on" either OR survivor" basis ? 

(b) if yes, by which rule no.?

(c) if not, can we make it on 'either or survivor'  basis -legally -as per bye laws ? how ?

(d) we want to nominate our children -however this should be opearational only after death of both of us- how do we mention that in the nomination form ?

hs



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 1 Replies

Chaitanya_Lawyer_Mumbai (Lawyer)     31 January 2012

In maharashtra, Nomination only indicates the person with whom the society should deal with in the event of death of owner.

In your case,both of you are joint-owners holding 50% shares.

so in case of death of either,the share will go to legal heirs.

consider you have 2 children,in case death of your wife,50% share will be divided between 3 persons, you & 2 children.

in case of your death,50% share will go to 4 heirs (your wife,mother & children).

better both of you write separate wills on simple paper with 2 witnesses who are not beneficiary.


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