When Society Can Issue Duplicate Share Certificate

When Society can issue Duplicate share certificate? - Accommodation ...
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Home When Society can issue Duplicate share certificate?
When Society can issue Duplicate share certificate?

Share Certificate is one of the most important documents issued to the members of the Co-operative housing society. The member who has lost his Original Share Certificate should make an application to the Society with Indemnity bond stating that he has misplaced/ lost his Original Share Certificate. On receipt of the application the Secretary should call a Managing Committee Meeting for issuance of duplicate Share Certificate to the members. The member must agree to indemnify the society for all cost, expenses that with regards to the issue of a Duplicate Share Certificate. The member should also give an undertaking that he has not mortgage or pledged the Share Certificate with any financing agency. It is important that the society may invite objections by affixing a notice on the notice board of the society. If no objections are received within fifteen days from the date of affixing the notice on the notice board of the society then the society may proceed to issue a Duplicate Share Certificate. Sometime society should insist for a public notice for issuing Duplicate Share Certificate. The Society can charge to the member for issue of public notice before allotting a Duplicate Share Certificate.
3 Comments
1.
Hemant Posted on November 17, 2011 at 2:17 pm I am office bearer of a Mhada CHS I have following query. There is 1 member in our society who have approached managing committee for duplicate Share certificate. He had another room in our colony that building collapsed in that he had lost all his documents including the share certificate of our society. He has got a certificate from police certifying that he has lost all important documents & also the share certificate. Now this person is claiming that the police letter is sufficient for issuing duplicate certificate. There is no need of giving notice of loss of share certificate in newspaper. Is he right & what step we should adopt.
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2.
Mahendra More Posted on December 7, 2011 at 2:50 pm Shri Hemant, you first of all inform your member that there are certain procedures laid by bye laws. 1. Member should apply for the duplicate share certificate 2. Should furnished notarized Indeminity Bond regarding lost of share certificate and clearly mention that the share certificate is not mortgaged or any loan taken against the flat. 3. publish advertisement in local news paper 4. display a notice on societies notice board. 4. and if within 15 days no any objection received with the consent of Managing Committee meeting duplicate share certificate can be issued ONLY POLICE FIR IS NOT SUFFICIENT.
3.
smita Posted on July 5, 2012 at 1:24 pm i have a query..,my grand mother expired and she has willed a flat to her 6 children. one of the brothers is asking for consent to make him the owner and the member of the society. He says after signing the declaration also we will be legal heirs.Is he right? i think we should first make share certificate with the names of 6 legal heirs ..and then give consent for him to become the member of the soceity..how should we go about?
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This post was written by Staff Reporter on Wednesday, October 19, 2011, 18:24. Staff Reporter has written 865 posts on this blog.
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