Mrs . Shanta Rani (Housewife) 19 September 2014

Share certificate

Opinion Is sought on the following:

Is issuance of share certificate essential for applying and obtaining conveyance?
Can a Registered Co-operative Housing Society within Mumbai city limits, in the absence of receipt of formal written information from MHADA, confirming the names of individuals to whom they have sold/allotted the flats, pending conveyance of land, issue and handover share certificate to the members?
If answer to point 2 is YES, what is the procedure that needs to be adopted?
If answer to point 2 is NO, is there a way out legally?

Will appreciate the reply supported with reference and mention of relevant section, Act and judgments.

Regards

Reply Follow

1 Replies

Charlotte Figueroa 06 November 2023

1. No, the issuance of a share certificate is not essential for applying and obtaining a conveyance. A conveyance deed is a legal document that transfers ownership of immovable property from one person to another. A share certificate, on the other hand, is a document that represents the ownership of shares in a cooperative housing society. While a share certificate is important for exercising certain rights as a member of the society, it is not a prerequisite for obtaining a conveyance deed.

2. Yes, a Registered Co-operative Housing Society within Mumbai city limits can, in the absence of receipt of formal written information from MHADA, confirming the names of individuals to whom they have sold/allotted the flats, pending conveyance of land, issue and handover share certificates to the members. This is because the issuance of a share certificate does not confer ownership of the property, but rather represents the ownership of shares in the society. The society is still the legal owner of the property until the conveyance deed is executed.