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Discussion > Property Law > importance of share certificates in housing society   Unanswered Threads Post New Topic

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adv fauzia azim


advocate
[ Scorecard : 132]
Posted On 17 January 2011 at 01:06 Report Abuse

Friends please let me know if  share certificates can be issued to a person owning a garage in a co-operative housing society in mumbai?since the society is 25plus years old,can the managing commitee issue new share certificates to such a person ?



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Member (Account Deleted)


JUDGE
[ Scorecard : 5925]
Posted On 17 January 2011 at 09:40 Report Abuse

IF THE NEW PERSON IS A MEMBER OF SOCIETY OR THE ARTICILES OF ASSOCIATION HAS BEEN SUITABLY AMENDED OR NOT THE PERMISSION WILL BE GRANTED RESTROSPECTIVELY BY THE DIRECTORS OF BOARD ETC



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Isaac Gabriel


Practicing Advocate
[ Scorecard : 4360]
Posted On 17 January 2011 at 10:24 Report Abuse

The membership no.is of paramount importance in a Cooperative society which is assinged on admission.His name is entered in the membership register and the amount of shares  allotted/ taken by him is simultaneously entered . An extract is issued which is otherwise called share certificate. The membership rights could be availed by succession as stipulated in the bylaws. Therefore you can infer the importance of the share certificate of  cooperative society



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Bharatkumar


ADVOCATE
[ Scorecard : 2487]
Posted On 17 January 2011 at 18:17 Report Abuse

Society Share Certificate is very important document for property, but it is given for property like :- flat, office, plot, shop, showroom etc.... u r owner of Garage property? Society give a alllotment latter for this? As per plan pass garage is one unit? u r owner / allotee of flat only so society give a share certificate on this ftat only. u contect local lawyer for this.    



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