Transfer of society shares on nominee
nandini dhargalkar
(Querist) 03 September 2018
This query is : Resolved
if deceased person has signed only one nominee, a son, even after having wife and other four children alive, should society transfer shares without indemnity bond of the nominee?
Guest
(Expert) 03 September 2018
Society is bound by law to transfer the shares of the deceased in the name of the nominee. No indemnity bond is required in nomination case.
Guest
(Expert) 04 September 2018
Society bylaws, if with contrary provision to law is not approved by the Registrar of Societies. Even if approved by mistake, that becomes void in law.
Kumar Doab
(Expert) 04 September 2018
Which personal law applies in your case?
Are you all Hindu?
The said property is land, rural/Urban, or it is a building?
Have the deceased title hiolder left any valid WILL?
The property is in which state?
Have your downloaded society bye laws, framed in accordance with Model Bye Laws/enactments/Act-Rules as per ACT, applicable to said society in the state?
Did you inquire from society office?
Are tarnasactions with society office including reply of society in writing?
What is the lapse by society that you need to check?
Confirm!
Kumar Doab
(Expert) 04 September 2018
Generically speaking; (Housing) Society can transfer in name of nominee per valuid nomination and since nominee is mere trustee, the nominee can transfer to the legal heirs.
Legal heirs can claim from nominee.
The requirement of Indemnity Bond may be found in society bye laws, framed in accordance with Model Bye Laws/enactments/Act-Rules as per ACT, as mentioned above.
You may relate with these as applicable in your state..
You may start with the nomination from copy and if you are the nominee approach Hon. Secy with Nomination form copy e.g;
APPENDIX-14 [Under the Bye-law No.32] Form of Nomination to be Furnished in Triplicate
https://www.societynmore.com/profile/files/8_Nomination_form.pdf
and also relate with applicable society bye laws, framed in accordance with Model Bye Laws/enactments/Act-Rules as per ACT e.g;
THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960 (Maharashtra Act No XXIV of 1961);25,30
https://mahapanan.maharashtra.gov.in/Site/Upload/GR/MCS%20Bare%20Act%20and%20Rules.pdf
MODEL BYE – LAWS OF COOPERATIVE HOUSING SOCIETY; 35, 36
https://sahakarayukta.maharashtra.gov.in/SITE/PDF/Rules_Acts_Bylaws/Model_Bye_Laws_of_Coop_Housing_Society_New_Flatowner_Type_%282-9-14%29%20%281%29.pdf
Maharashtra Cooperative Societies Rules. 1961; 25
https://sahakarayukta.maharashtra.gov.in/site/upload/documents/mah_coop_society_rules_1961.pdf
Kumar Doab
(Expert) 04 September 2018
The form of nomination may have clauses e.g; as in APPENDIX-14 [Under the Bye-law No.32] Form of Nomination to be Furnished in Triplicate
5. As provided under Section 30 of the Maharashtra Co-operative Societies Act, 1960, and the Bye-law no 36 of the Society I state that on my death the shares mentioned above and my interest in the flat, the details of which are given above, should be transferred to Shri/Smt. _____________________the first named nominee, on his/her complying with the provisions of the Bye-laws of the society regarding requirements of admission to membership and on furnishing *indemnity Bond, along with the application for membership, indemnifying the society against any claims made to the said shares and my interest in the said flat by other nominee/nominees.
* Indemnity Bond is not required to be furnished in case of a single nominee.
Kumar Doab
(Expert) 04 September 2018
You may also go thru;
Calcutta High Court
Smt. Indrani Wahi vs The Registrar, West Bengal ... on 24 March, 2004
https://indiankanoon.org/doc/1419680/
Indrani Wahi Vs. Registrar of Cooperative Societies & Ors.
[Civil Appeal No.4646 of 2006]
[Civil Appeal No.4930 of 2006]
JAGDISH SINGH KHEHAR, J.
[Civil Appeal No.4646 of 2006]
..........................J. (JAGDISH SINGH KHEHAR)
..........................J. (C.NAGAPPAN)
NEW DELHI;
MARCH 10, 2016.
http://www.advocatekhoj.com/library/judgments/announcement.php?WID=7338
As per your query the nominee is son of the legal heirs, also….. And form of nomination and clauses contained in IT and existing society bye laws framed as already expalined above society may not hesitate to transfer to nominee and ……….may/may not ask for Indemnity Bond.
In case of difficulties or issues being faced that infringe the rights of nominee/legal heirs………… preferably approach ASAP, alongwith with elders of the family, competent and experienced well wishers, seasoned community leaders, PIP’s, helpgroups the Hon. Secy/President of society and convince …………….and if the need be approach O/o Registrar……..and also find a very able LOCAL counsel of unshakable repute and integrity specializing in concerned field of law e.g; Society/ succession/Civil matters as in your case, and well versed with LOCAL applicable rules, precedence, latest judgments etc …. and worth his/her salt, and your counsel can advise you after examining all docs, evidences on record .., so as to defend your long term interest.
There are such very able counsels at each location.
Check for such counsels at LOCAL O/o Registrar/Co-OP Courts/CIVIL courts..HC,SC
Kumar Doab
(Expert) 04 September 2018
I feel that Sudhirji read that is why asked you to read.....Implying relate.
Dr J C Vashista
(Expert) 05 September 2018
The Society shall transfer the share of deceased in the name of nominee "only".
M V Gupta
(Expert) 08 September 2018
If ur Society is situated in the State of Maharashtra, a member can nominate any one or more persons as his nominee for the flat (see bye law 32 of model bye laws). The Society as per bye law 34 shall transfer the shares to the nominee on his submitting application in form at Appendix 15 and indemnity bond in form at Appendix 18.
Sudhir Kumar, Advocate
(Expert) 04 September 2018
