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Sam   14 July 2015

Share certificate documents

Hello Sir,

My father has made share certificate with my mother as associate member and me as nominal member. But after my father deceased I have submit application to make my mother as original member and me as nominal member, along with below documents,
 
 1) share transfer fee 500/-
 2) entrance fee 100/-
 3) Stamped and registered Indemnity bond with all required signature
 4) death certificate of my father
 5) application letter
 
 It is of CO-OP Housing society, However secretary asked for approval from district collector for the same application. Can you please advice whether I really required approval from district collector in my case?  and if it is required then how I can obtain the same.
 Please advice in my case.

 



 3 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     22 July 2015

In which State is your Society? Laws change from State to State.

Sam   23 July 2015

Its Maharashtra, also I'm trying to transfer share certificate to my mother not to any outsider person.

Please advice.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     23 July 2015

Under the Maharashtra Co-operative Societies Act an Associate Member or a person whose name appears not as the first member in the Share Certificate is not the co-owner of the flat. He or she will have a right to vote as proxy under Section 27(a) of the Act and nothing else. Under the Model Byelaws an Associate Member automatically ceases to be such member or any other kind of member on the death of the primary member. On the death of a member the interests in the Capital and Property of the Society of the deceased member will be transferred to the nominee/s if the diseased member had nominated one or more during his lifetime. If the flat was jointly purchased by your father and mother and your mother's name appears as joint owner in the sale/purchase deed, your mother can claim beneficial interest in the capital and property of the society. On that basis your mother can apply to the Society for membership. Otherwise if your father had not made any nomination you will have to follow the succession certificate route.


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