Society share cerfiticate
RAHUL CHAVAN
(Querist) 10 February 2015
This query is : Resolved
Hi,
I am from Pune and I have 2 queries:-
1) In case Flat agreement and registration is done on 2 names (say Mr X and Mr Y), can society issue certificate on the name of Mr X only on request from Mr X?
2) This question is separate from Q1. Suppose share certificate is issued to single owner and in the nomination forms 2 names are provided. After death of single owner,
is society supposed to put both the nominee's names on share certificate?
P. Venu
(Expert) 10 February 2015
What is the real problem?
M V Gupta
(Expert) 11 February 2015
1. If the second buyer gives no objection the society can issue the share certificate in single name. But please note this will not defeat the rights of the second person in the property.
2.Nomination can be given in favor of two persons and the Society will keep both the names on reverse of the share certificate.
Kishor Mehta
(Expert) 11 February 2015
Sir,
[1] The Society has to put all the names on the Share certificate as per the sale agreement and in the same order.
[2] The society will put the names of the nominees on the reverse of the share certificate and in the unfortunate event of the demise of the owner, the nominees will decide who will be accepted as the member of the society from amongst them and give an indemnity to the society in the matter.
The CHS Bye-Laws are very explicit in the matter.
Good Luck,
Kishor Mehta
M V Gupta
(Expert) 13 February 2015
Clarification on the views expressed by me in my earlier posting:
I have stated that if the joint purchaser of the flat gives no objection the Society can issue the share certificate in single name. This is for the reason that the bye law No.19 which deals with admission of members does not impose any condition to the effect that if the agreement for sale is in joint names both the persons should apply for Jt membership. The forms contained in Appendix 3 requires only one person to apply for membership and Appendix 7 prescribes for the second person who may be the second purchaser for admission as associate member. Hence I opined that the Society can issue the share certificate in single name, but stated that a no objection maybe taken from the jt purchaser as matter of precaution only.
