Issue of duplicate share certificate

Ajit N Katkoria (Querist) 10 September 2020 This query is : Resolved
Dear Sir,
One of members of our housing society had applied for duplicate share certificate because his original share certificate was destroyed in fire. This fire occurred in the Bank from where he had taken housing loan and same was repaid/settled fully in 2019. So, let us know what are the documents that our society member has to submit to the society basis of which we can issue duplicate share certificate adhering byelaws of the society....Thanks.

Secretary of the Society

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A housing society secretary is seeking guidance on the documents required to issue a duplicate share certificate after a member's original was destroyed in a fire at a bank. Advice suggests checking society byelaws and relevant state acts, and typically requires an FIR/NCR, a stamped affidavit detailing the loss, identity proof, and an indemnity bond. Passing a resolution for the duplicate issuance is also recommended.

Dr J C Vashista (Expert) 11 September 2020
It is a procedure query for which you will have to consider and proceed in terms of Bye-Laws of the Society, State Cooperative Societies Act and Rules framed.

Dr J C Vashista (Expert) 11 September 2020
As Secretary of the society confirm name of the member appearing in the Register of Members maintained by Society, ask for a copy of FIR (NCR) qua destruction of original share certificate in fire broke out in the Bank or whatever reason is there, an undertaking / indemnity bond to make good damage(s)/ loss, if any and get a resolution passed to this effect.

Rajendra K Goyal (Expert) 11 September 2020
Whether any procedure has been fixed in bye laws or in law of your state, if so follow the same?
Otherwise common documents in such case are:
A stamped sworn affidavit from member regarding destroying of the certificate and justifying the issue of duplicate.

An application with proper Identity proofs.

An indemnity bond from the member. (Additional can be asked from other member if situation so warrant.

The duplicate certificate need to be marked accordingly.

Society can ask other formalities if required locally.

kavksatyanarayana (Expert) 11 September 2020
On the request of the member on a notarized Affidavit to supply a duplicate share certificate, it can be considered if your society bylaws permits.

P. Venu (Expert) 12 September 2020
In my understanding, it would be sufficient if the confirmed Bank certifies the loss of the document because of the fire. Any thing else would be superfluous.

Ajit N Katkoria (Querist) 12 September 2020
Thank you Dr. Vashista, Mr. Goyal, Mr. Satyanarayana and Mr. Venu.. for resolving my above query.. Thanks again

Rajendra K Goyal (Expert) 13 September 2020
You are welcome. May revert in case of any further question on the topic.

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