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Kailash Joshi (accountant)     13 January 2018

Handing over of share certificate to joint owner

Sir / Madam,

My father has acquired a premises in 2000 and included my mother's name in agreement. My father departed his heavenly soul in 2002 without making any nomination. 
Family dispute started in 2014  and thus I have been addressing various letter to the Society intimating them about family dispute in respect of said premises.
The Society had issued Share Certificate in 2017, inspite of my objection stating that the rights of Associate Members are dependent on Consent of Member. However the society handed over the Share certificate to the Associate Member inspite of various objection letters.
I have learned that the Society records Membership Application is made stating name of My father and mother in "Membership Application", there is no form on record of Society for Application of Associate Member.
Thus, in view of above :
(1) Can the Joint Owner be considered as Associate Member, in absence of Application form for Associate Member?
(2) Whether Society can hand over the Share Certificate to Associate Member, inspite of Objection raised by other legal heirs of Society, contending absence of consent of member as he has already passed away in 2002 and share certificate is issued in 2017?
(3) Whether the Member ceases to be a Member of Society upon his death? if yes, in such circumstances, whether Associate Members acquire his / her rights?
(4) What will be status of Joint Owner as Associate Member upon death of Member, whether his / her Membership also ceases or continued?
Thanking you in anticipation


Learning

 1 Replies

Kishor Mehta (CEO)     14 January 2018

In absence of any clarification, about individual shares, in the registered ownership document, all are considered equal partners. Persons having their names on the share certificate are Associate members. The legal heirs should approach the Court to claim their rights to the property.

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