Issuance of society share certificate

HEM NAM HAT (Querist) 23 May 2013 This query is : Resolved
We are in the process of redevelopment one of our Member want to transfer his property to his son by way of will and making affidavit in his name. Presently share Society certificate is name of Father.
Can we issue Share certificate in his Son Name?
if yes then what papers are required?
If no then what is reason?

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ashutosh mishra (Expert) 23 May 2013
A WILL comes in force only when it's testator dies. Therefore Society can not issue Share certificate in Son's name.

To do so in lifetime of Father the Society should ask father to execute a GIFT which instantly transfers the title in son.