Our society in Navi Mumbai recently put up a notice on the notice board asking all its members to submit our original deed and share certificates to the society secretary. They said they will be scrapping the old share certificate and issuing new instead, is this legal.
Can a society do that and what could be there reasons to do this? They have not provided any reasons or explanation for this.
If this is wrong what can I do to stop the society. Your advice is appreciated
The society need not ask for the old cedrtificates. Instead it can issue new share certificates to the memb ers and pass a resolution that the old certificates stand calcelled in view of the issuance of the new share certificate, which is the way done in the company cases