Share certificate
Querist :
Anonymous
(Querist) 01 February 2012
This query is : Resolved
My father named me and my younger brother as his nominees (50% shares for each). My father also left a registered will naming the two of us as the sole beneficiaries. The chairman of our society has never done anything to earn anybody's trust. Since he was trying to defraud us of our property, in collusion with our other brother who left us 21 years ago,We approached the Dy Registrar and he ordered an inspection of records. In response, the chairman called for an SGBM last week and after lot of arguing agreed to effect transmission. However, the wording of the resolution reads thus - The transmission of flat no. ___ was discussed at length. It was unanimously RESOLVED that the transmission of Flat no.___ be effected in favour of the nominee's (of late Mr. ____), Ms ____ and Mr ____ as per the nomination in our Society records, as Trustee/Custodian of Flat no.___.
Proposed by : ________ Seconded by: _______ .
My query now is whether the above phrase Trustee/Custodian is in our favour or no? Will the same wording be written on the Share certificate and if yes, in what way does that affect our membership?
My name figures as Primary member and my brother's as Associate member in the application form. Is this the usual way of transmission?
Raj Kumar Makkad
(Expert) 01 February 2012
The resolution is proper and share certificate issued based upon the aforesaid resolution is accurate and legal.
V R SHROFF
(Expert) 01 February 2012
Flat is trf on your name, as per resolutions. The Wording means the same
Whether Nomination accepted or not??
The Answer is "YES"
So no need to go in details of Wording.
it is OK
ajay sethi
(Expert) 01 February 2012
legally a nominee is only a trustee for legal heirs . generally society transfer the flat in name of legal heirs but do not use the words trustee/custodian .
V R SHROFF
(Expert) 01 February 2012
Nominee is only a care taker, and not owner of flat so transferred on his name.
But before 10 years in one such case SC ruled that nominee can sell the Flat, and give possession of Flat to third party,. Other legal heirs can claim their share from nominee.
