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cchs1962 (society)     26 January 2014

Transfer of shares

In my cooperative housing society which is Ltd. and registered under Gujarat Cooperative Housing Soc. Act 1962 one of our members applied for the membership and transfer of share in his name in wake of the death of his father; father has nominated his son and submitted the form to the society. The then society President, Secretary and General Body Meeting Members accepted the membership of the said person and issued him the membership letter.  The then (12 years Prior)  President, Secretary failed to change the name of the said member in the original share certificate and now the society has come to know that this error has been committed. Can the present President, Secretary and Managing Committee do their signature and convert the shares in the name of the affected member by taking into consideration the acceptance of membership by the past President, Secretary and Managing Committee's unanimous legal decision to make the affected person as the society member. The said member has legal heirs who are demanding their names to be added into society's register on the basis of Pedhinama and Property Card Index.



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 4 Replies

Dr J C Vashista (Advocate)     26 January 2014

Error can be rectified as and when detected.

T. Kalaiselvan, Advocate (Advocate)     26 January 2014

Yes the error can be rectified. This issue can be discussed within the members of the executive committee presided over by the President and a resolution can be passed to rectify the same.

cchs1962 (society)     27 January 2014

Will not the present President, Secretary and Managing Committee be held legally responsible or they be sued by the legal heirs of the said member of the society, for the legal heirs have given into writing to the society that they are the legal heirs of said member and on which basis their brother has been made the member of the society. Since the society has been in the knowledge of the application of the legal heirs and the error has come to known while checking, will not transferring of shares in the said members name become the cause of legal action against society's present President, Secretary and Managing Committee?

Dr J C Vashista (Advocate)     27 January 2014

Engage a local lawyer and sue  PRESENT managing committee President, Vice-President, Secretary, Treasurer, Joint Secretary, other officials/entire MC or General Body to fix individual or joint liability for rectification of error detected at this stage, if you feel aggrieved by their action .


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