The society's Managing Committee (MC) can issue a duplicate share certificate in the name of the deceased person, but with certain conditions and precautions. Conditions for Issuing Duplicate Share Certificate
1. *Verification of Documents*: The MC must verify the documents submitted by the applicant, including Form 1, advertisement in 2 newspapers, police FIR, and Affidavit on Rs.500/- stamp paper.
2. *Confirmation of Applicant's Relationship*: The MC should confirm the applicant's relationship with the deceased member to ensure they are a legitimate heir.
3. *No Objection from Other Heirs*: The MC may require a No Objection Certificate (NOC) from other potential heirs of the deceased member.
Precautions for the Society 1. *Indemnity Bond*: The MC may insist on an indemnity bond from the applicant to protect the society from any potential claims or disputes.
2.
*Clear Discharge*: The MC should ensure that the applicant provides a clear discharge or undertaking that they will hold the society harmless in case of any disputes. Conclusion The society's MC can issue a duplicate share certificate in the name of the deceased person, but it's crucial to follow the necessary procedures, verify documents, and take precautions to protect the society's interests. It's recommended that the society consults with a lawyer or an expert in cooperative housing society laws to ensure compliance with the relevant rules and regulations.