Yes the aforesaid procedure is correct only you require NOC of all legal heirs if any form the same too
Issue of duplicate share certificate in coop society while original is damaged
Hello I have the original share certificate in a coop housing society. Unfortunately my father, who had now passed away, had laminated this original. Now during the process of transfer, we are unable to make an entry since we are not able to take the certificate out of the laminate. Hence I am requesting the society to issue a duplicate certificate. (Note that my father had already nominated my mother and myself in equal part) I wanted to confirm if the following 2 steps are correct and complete for using a duplicate, both for me and the society (Based on my reading of a 2014 model bye-laws document) A. Provide an affidavit in this regard as per below mentioned bye-law ---------------------- b) the Committee of the Society shall issue a duplicate share certificate, “So Marked”, on application to its members on production of following documents. 1. if the share certificate is lost - copy of police complaint lodged, and an affidavit in that regard. 2. if the share certificate is soiled, burnt, torn, disfigured etc. affidavit in that regard. ---------------------- B. Get a certified duplicate from society as per below mentioned bye-law --------------------- 10. Every such Share Certificate shall bear the seal of the Society and be signed and by the Chairman, the Secretary and one Member of the Committee, duly authorised by the Committee. The same shall be issued by the Secretary of the Society. ----------------------
Asked 4 years ago in Property Law
Religion: Hindu
6 Answers
You will have to indemnify society against any claim made
public notice has to be issued of loss of share certificate
police complaint filed and affidavit executed
You case is covered under clause 2. “if the certificate is soiled, burnt, torn, disfigured etc.” The certificate is disfigured due to lamination. You need to submit the laminated certificate and obtain a duplicate with proper remarks on the duplicate. The duplicate coupled with laminated certificate is valid proof of transfer. No need to approach police.
Sir/Madam,
It is supposed that on the basis of death certificate of father, obtain a succession certificate and the ask the society to transfer the ownership on the name of yourself and mother. This action will resolve all your worries.
For your information the share certificate issued by the society is not the title document.
Since the proeprty belonged to your decesed father, upon his intestate death, the property devolves equally on his legal heirs.
The nomination in the society record will not be considered as title records to the nominees.
You can get the proeprty mutated to your names in the revenue records held by the revenue department and on that basis you can give an application to the society to issue a share certificate on both your names.
The question of obtaining the duplicate share certificate does not arises since the original shareholder has died.
Dear Client,
Kindly follow these simple steps -
- You need to make an application to the housing society informing them about the misplaced or lost share certificate and further request for a duplicate one.
- You shall then submit an indemnity bond on a stamp paper to the society agreeing to indemnify/cover all the costs it shall bear to issue a duplicate share certificate.
- Attach the duly notarized indemnity bond with the application made to the society.
- On receiving the application the Secretary shall call a Managing committee meeting to get its approval for the grant of a duplicate share certificate.
- The society shall the issue a Public notice in two local newspapers and also affix a notice on the society notice board in order to invite objections, if any.
- The society shall also charge you for the cost incurred for issuance of the Public Notice in the newspaper before allotting the duplicate certificate.
- If no objections are received within 15 days from the date of issue of the Public Notice, then the society shall finally proceed to grant you the duplicate share certificate
Thanks & Regards
