Rajesh 06 September 2020
Respected Lawyers,
In the nomination form of a co-op society, if I include 2 members as nominees do I need to specify the % share?
What exactly is meant if I state 50% each?
and If I leave it as dash i.e. not specified, what does it mean?
I am bit confused about the concept of %share.
any help will be great.
Thanks and best regards.
kavksatyanarayana (subregistrar/supdt.(retired)) 06 September 2020
As per law, a nominee is a trustee, not the owner of the assets. A nominee is only a caretaker of assets. The nominee will only hold money/asset as a trustee and will be legally bound to transfer it to the legal heirs.
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