Society share certificate

The Co-operative Society should have been already formed. It should have been initiated by the Builder. If the Builder fails the residents can initiate action for the formation of a co-operative housing society. If the conveyance deeds have not been received you must initiate action for that.

Thanks Sir for the response.

Our society is registered and formed by the builder a year ago.

But as i mentioned, the conveyance deed and share certificate is still not received.

Which documents are given by Builder? If society is registered now why builder not give share certificate and why not registeration a Allotment Deed in member favour. U give a application at Society Registrar Office for that.

 I have purchased new residential house property in mumbai and also i have handed over my all set of documents to society for transfer of shares in my name . But society has not  yet transfer the same .Is ther any time limit withih which society has be complete it's transfer formalities. or other wise what recourse is open if they are not doing transfer in my name.

Mayur

@ Mr. Rahul Gujar

Under the Byelaws in Maharashtra, it is the responsibility of the Society to get the conveyance from the builder. All of you members can approach the Managing Committee and press them to obtain the conveyance.

@ Mr. Mayur

Under Section 22(2) of the Maharashtra Co-operative Societies Act, 1960 the Managing Committe has to give a reply to the applicant within 3 months of receipt of his application. If no reply is given the applicant shall be deemed to have been admitted as a member. If it is more than 3 months since you applied, first write to the Society claiiming membership under Section 22(2). Still if they do not reply you send a complaint to the Registrar with copies of the documents submitted by you and requesting him to declare that you are member of the Society. Who is paying the membership dues payable by you?

For conveyance deed- Go for Deemed conveyance. For deemed conveyance you dt need builder. if you want procedure of deemed conveyance in detail. pls let me know. i will mail you. Share Certificate - society must issue within 6months from the date allotment of shares.

Dear sir,

if i have given my one set of document to the society on 3-5-2012 then what will be date  by which society should transfer share certificate to my name.and further if any objections are raised by society after the time limit  ,wheather they can raise objection of transfer in my name ?. What recouse aviablable to me for objection raised after completion of time limit ?

Please advice

Mayur Shah

I am giving below

Section 22(2) of the Maharashtra Co-operative Societies Act, 1960

Section 22(2) Where a person is refused admission as a member of a society, the decision(with reasons there for) shall be communicated to that person within 15 days of the date of decision, or within 3 months from the date of receipt of such application for admission, whichever is earlier. If the Society does not communicate any decision to the applicant within 3 months from the date of receipt of such application, the applicant shall be deemed to have been admitted as a member of the society. If a question arises whether a person has become a deemed member or otherwise, the same shall be decided by the Registrar after giving a reasonable opportunity of being heard to all the concerned parties.

If the Society does not give you a reply on or before 03 - 08 - 2012, you shall be deemed to have become a member of the Society. You can then ask the society to return the share certificate with your name endorsed and also for the allotment letter.

After 03-08-2012 you can write a complaint against Society to the Registrar. The Registrar is allowed another 3 months to act on your complaint under Section 23 of the Act.

Sir,

please let me know if their is any co-relation between Society Share Certificate and Conveyance Deed. We have a Cooperative Society registered in place. Our Society's Chairman is saying that he cannot give the Society Share Certificates to any of the Society Members as the conyeance deed is still not received by the Society. I have already given the society a letter requesting for the Society Share Certificates in my name to be handed to me, as i wish to sell my flat. The original Society Share Certificates in my name are demanded by my flats buyer's bank from which he has to get loan. Please let me know what can i do to get the society share certificates from our society.

Many Thanks & Regards,

Samir

Strictly speaking the answer to your first question is “yes”. But is your Society an “open plot type society” or a Society formed for a builder constructed building?

In some respects a Co-operative Society is similar to a “Company”. At a given time the entity will have a certain number authorized shares of which a certain number would be partially or fully paid-up shares. No one can be the member of the Society or the company without holding shares of that body. In the books of the Society you will be a share holder and the face value, paid-up value and the number of shares in your name would have been stated therein. If there had been any reason for which the Society is unable to issue to you a formal share certificate though you have been admitted as a member, the Society can issue to you an allotment letter mentioning the necessary particulars. You can transfer the flat along with the allotment letter. It would be better if the Managing Committee passes a resolution deciding to issue allotment letters to all the members and give to all the members.

If you want to sell the flat, it depends only on the confidence the purchaser has in you and the Society. Ultimately it is purchaser who has the stake. Notwithstanding what you and Secretary of the Society say, if the purchaser’s lawyer says “No”, then it will be “No” for you as well.

Sir,

I truly thank and appreciate your very prompt response to my query.Ours is a Society formed for a builder constructed building. We have all together 55 flats and 6 shop galas. The builder had done his part of getting the society formed. On asking the builder about the conyeance deed issue, he said he has already provided the format and procedures to the society to get the conveyance deed, the ball is in societys court. Were as the Chairman of the society blames the builder.

I had also applied in written for a NOC, i got the NOC from the society chairman in which he has mentioned "He also holds 5 shares of Rs. 50/- each in his name of the said society" [He - is myself and his name is myself ].

He also told me that if a written application is made for share certificate transfer by me and the then flat owner, the share certificates will be transferred in the buyers name if the flat sale is through.

I still donot understand why he is not giving any of the society members the society share certificates in their name, which are present with him. How can an individual flat owner just on holding society share certificate make a claim on society tile or conyeance deed. Also does the society share certificate have any registration or record made with the government registration.

Kind Regards & Many Thanks

Have the distinctive numbers of your shares given by the Chairman? If not ask him to give that also.Have you got any record saying that the flat is in your name?  If not get  from the Chairman. Use the letter/s to transfer to your purchaser. For the purpose of selling, a stamped Deed will have to be made. The Deed will say what all you are transferring and at what price. Once the stamped Deed is registered,  the purchaser has been given possession and you have got your money the Society cannot do anything.
 

Good Morning Sir,

Again many thanks.

No none of the society members have got "Distinctive Numbers" of their society share certificates.

I have PMC tax bills, PMC NOC, MSEB Tax Bills, Possesion Note from the builder, a NOC which the builder had given when i had applied a bank loan, i had taken home loan from HDFC 3 years ago and same has been cleared off recently, i have the flat stamp duty and registration papers.

Myself and the buyer have made a legal aggrement via a laywer between us, signed by both which mentions the terms and conditions and the price at which the deal has been finalized.

Also i have given the Society "Society Transfer Fees" amounting to Rs 25000/- via cheque drawn in favour of the society.

Have a Nice Day & Many Thanks

 I have purchased new residential house property in mumbai and also i have handed over my all set of documents ,Check 25600/-  to society for transfer of shares in my name . But society has not  yet transfer the same socity demand 1 lakh ruppes for transper share cirtificate what can i don ?