Can a society split a share certificate, if court orders.
Querist :
Anonymous
(Querist) 12 June 2010
This query is : Resolved
Sirs / Madam,
There is a suit in City Civil Court, Mumbai between mother and son over title of property. The mother and son have signed an MOU for distribution of property on 50:50 basis and are awaiting the receipt of NOC from the 2 daughters.
My question here is :
1) can the society or any of its members take an objection for issue of 2 share certificates in lieu of one :
• if the MOU and NOC are filed in the Court and order received for partition of property OR
• if both the parties reach out of court settlement?
2) is it necessary for the society to get it passed in the General Body Meeting of members because the society had passed a resolution in previous years AGM that it will not split the share certificate of any member?
Kindly guide me on both the above points and oblige.
Rgds,
Anand.
Uma parameswaran
(Expert) 12 June 2010
The query is not clear.
If a resolution is existing then society is liable to follow that.
