Housing society share certificates - sequential owner names
Bhasker Thirumala
(Querist) 08 July 2019
This query is : Resolved
Dear Sir's/Madam's
Our society committee was formed in 2015 although many members had been residing in our building much before that date.
We have following queries to seek help as we have received different views from different lawyers.
1) Is it mandatory to document/display the first/original buyers name in the Share Certificate issued today and than add on the subsequent buyer names in sequence of ownership of the particular apartment/flat.
2) Or can the present Managing committee issue Share certificates to members who haven't received/collected with present owner names directly without incorporating the earlier owner names/lineage.
3) Will there be any bearing on the new elected Managing Committee for errors in Share certificates issued by preceding Management committees.
We have a situation of Share Certificates partly issued by our earlier MC with pre-printed issue dates, folio numbers and share numbers. The I & J registers have also been updated accordingly.
* We requested our earlier MC members if they could sign off the pending Share Certificates to which they declined stating to check with legal if this is permissible and does it have any negative bearing on them.
We appreciate your kind guidance on the above matter.
Thanks and Kind Regards
Bhasker Thirumala
9167671077
P. Venu
(Expert) 08 July 2019
The matter require professional consultation
Hemant Agarwal
(Expert) 19 July 2019
1. As on date of Society Registration, ALL Flat-Owners on such date "MUST" be recorded in date wise order in the "I" register and consequently in the Share Certificate.
2. ANYTHING to the exception of the above, would be grossly illegal and the society could not have membership mutation entries, in the event of any legal dispute by the legal heirs or claims by any statutory authorities.
Keep Smiling .... Hemant Agarwal
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