Mcs act, 1960, rules and bye-laws of the society (commercial premises)
Prakash S. B.
(Querist) 16 October 2013
This query is : Resolved
A stall on the mezzannine floor of a Co-operative Premises Society (Commercial and Registered)in Mumbai was purchased by a member and associate member jointly. The member whose name stood first in the share certificate died without making a nomination. The Society transferred the shares and interest of the deceased member (in the Capital / property of the Society) to his wife (legal heir) in proportion with the shares held by the deceased member, in accordance with the Bye-laws of the Society. In the above circumstances,
(1) Whether the shares and interest held by the legal heir can be transferred in the name of the associate member for a consideration under the provisions of the M.C.S. Act, 1960, and / or the Rules made thereunder and / or the Bye-laws of the Society?
(2) If so, under which Section or Rule or Bye-Law?
ajay sethi
(Expert) 16 October 2013
are there any other legal heirs of deceased besides wife? was NOC obtained of other legal heirs? wife is mere trustee for other legal heirs . cannot sell 50%share to associate member
Prakash S. B.
(Querist) 16 October 2013
This is in response to the advice given by Shri Ajay Sethi. NOC of other legal heirs was obtained. In case wife of the deceased is badly in need of money, what are the different options available to her?
ajay sethi
(Expert) 16 October 2013
ask other legal heirs to execute deed of relinquishment in favour of the wife .
or obtain succession certificate from court
Prakash S. B.
(Querist) 16 October 2013
Sir, what about the share and interest held by the associate member? What if he claims his 50% share and interest in the property or files his objections in the Court? There is no dispute between the heirs. The problem is that the associate member does not want to sell the property and wants to use it as his Office.
ajay sethi
(Expert) 16 October 2013
he owns 50%share as per agreement for purchase of stall . contact a local lawyer with the agreement and other documents in your possession
R.K Nanda
(Expert) 16 October 2013
consult local lawyer.
Prakash S. B.
(Querist) 16 October 2013
As the name of the deceased member stood first in the share certificate, whether wife of the deceased has exclusive rights to sell / transfer her 50% share to a third party after obtaining necessary order from the Court as suggested by you (Shri Ajay Sethi)?
prabhakar singh
(Expert) 16 October 2013
The associate member can buy share of deceased member from his heirs including wife all joining sale deed as vendors.
Prakash S. B.
(Querist) 16 October 2013
This is in response to advice given by Shri Prabhakar Singh.
Sir, in case other legal heirs execute a deed of relinquishment in favour of the wife / heir of the deceased and succession certificate is obtained from the court in favour of the wife/ heir, whether associate member can then buy share of the deceased member from the wife / heir alone as vendor under a sale deed?
Devajyoti Barman
(Expert) 16 October 2013
You seem to have opened a new thread than continuing the same old thread which is practiced here.
Prakash S. B.
(Querist) 16 October 2013
This is in response to a comment made by Shri Devajyoti Barman.
Sir, excuse me but I am not able to understand what you exactly meant to convey. I was only trying to gain further knowledge based on advice given by Shri Ajay Sethi regarding obtaining Succession Certificate with a view to help the wife of the deceased member as she has already been taken for a ride by some lawyers she had consulted.
Rajendra K Goyal
(Expert) 22 October 2013
As per the legal heir certificate
a) if all the heirs relinquish their rights in favor of one heir (Wife of the deceased)she can sell.
b) Otherwise all legal heirs can sign the sale deed.
