If the property was bought on the joint names, then the share certificate can be issue on both the names in the order of preference.
However, The Maharashtra Co-operative Societies Act and the byelaws framed under the said Act consider it otherwise in many cases.
A joint owner in a housing society is called an Associate Member. Sec. 2 (19) (b) defines "Associate Member" as a member who holds jointly a share of the Society with other, but whose name does not stand first in the share certificate. One has to ensure that in case of a joint ownership share certificates issued by the society should include both names.
"Member", in accordance with sect 2(19)(a), means a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to a membership of a society after registration and includes a nominal, associate or sympathiser member. Thus, the definition of a Member under the Societies Act is an inclusive definition and includes the Associate Member. Therefore, an Associate Member will have all rights of a Member unless otherwise specifically provided for in the Act or in the byelaws of the Society.