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Rajesh   06 September 2020

Share of each nominee - nomination

Respected Lawyers,

In the nomination form of a co-op society, if I include 2 members as nominees do I need to specify the % share?

What exactly is meant if I state 50% each?
and If I leave it as dash i.e. not specified, what does it mean?

I am bit confused about the concept of %share.

any help will be great.

Thanks and best regards.



Learning

 1 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     06 September 2020

As per law, a nominee is a trustee, not the owner of the assets. A nominee is only a caretaker of assets.  The nominee will only hold money/asset as a trustee and will be legally bound to transfer it to the legal heirs.


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