Rights of joint holder/s
ars
(Querist) 14 July 2016
This query is : Resolved
1. In absence of any express writing, the share of the joint shareholders / members of the society or Company is always equal ?
eg. : if A & B are the members then their individual share is always on 50:50 basis or if there are three hodlers then they all share 1/3 part of the share / property ?
2. can the joint holders appoint different persons as their nominee i.e. going by above example can A' appoint X as a nominee for his 50% share and B' appoint Y as a nominee for his share?
3. can A' simply write in his WILL that his share be allocated to X or Y? without mentioning his % holding?
4. In case of death of a member, where the nominee was appointed, the Society has to , while transferring the shares in the name of nominee, write that X or Y is a nominee or that they are not entitled to sell the property? how to disclose prohibition on the nominee from sell of shares unless they are proved to be legal heir?
5. In case of shares of a Company - can the nominee gets shares transferred in his name and sell?
Devajyoti Barman
(Expert) 15 July 2016
who are you and how are related to this query?
ars
(Querist) 15 July 2016
thank you sir.
I'm a secretry of a CHSL and face certain issues or queries, as mentioned above.
request to share your exper view on the above queries.
rajeev sharma
(Expert) 15 July 2016
Is it a query for academic knowledge? Be specific about your problem
Guest
(Expert) 15 July 2016
You simply asked for two different academic queries about (1) nomination by joint holders in CHS, and (2) transfer of sharees of a company in the name of the nominee without mentioning the real problem, if really faced by you.
May be you are a secretary of a CHS, but should not expect the experts to hold tutorials for any one asking any academic question.
Solution to only specific problems be expected, not to solve hypothetical academic queries.
Rajendra K Goyal
(Expert) 15 July 2016
Academic query, state material facts of the problem if any.
ars
(Querist) 15 July 2016
Sorry. Actually I wanted to ask genuine queries of CHSL, but added hypothetical query of shares, as rightly pointed out by you.
I repeat my genuine queries as under :
1. In absence of any express writing, the share of the joint shareholders / members of the society is always equal ?
eg. : if A & B are the members then their individual share is always on 50:50 basis or if there are three hodlers then they all share 1/3 part of the share / property ?
2. can the joint holders appoint different persons as their nominee e.g. can A' appoint X as a nominee for his 50% share and B' appoint Y as a nominee for his share?
3. can A' simply write in his WILL that his share be allocated to X or Y? without mentioning his % holding?
4. In case of death of a member, where the nominee was appointed, the Society has to, while transferring the shares in the name of nominee, write that X or Y is a nominee or that they are not entitled to sell the property? how to disclose prohibition on the nominee from sell of shares unless they are proved to be legal heir?
I once again aplogise for the confusion created. My sicere request to the experts to respond to these queries.
Guest
(Expert) 15 July 2016
You have again repeated query as purely in the shape of an academic question, not a real problem, if you face any.
ars
(Querist) 15 July 2016
Dear Dhingra Sir,
this are the genuine queries raised by two brothers, who are occupying a flat, in our society, in their joint names - A & B. they appoached the committe with certain questions.
I as a Secretary to safeguard my position and in the interest of the Society, would like to be very sure before taking any decision, hence, this queries.
Guest
(Expert) 15 July 2016
In that sense, your question is still incomplete. The question arises, who of them is a regular member and who the associate member. As a secretary, I very much hope that you would like to go through your society's byelaws or model byelaws to know the rights of an associate member.
However, if you still have any doubt on some particular point only then come back with your real doubt.
