Society Refuses to Issue a Share Certificate : For individuals who own apartments in housing societies, a share certificate is a crucial property document. Obtaining a share certificate from a cooperative housing organization serves as official documentation of an individual’s ownership and participation in the organization. Therefore, a share certificate is important for property owners, just as a sale deed or a letter of possession.
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Nonetheless, a situation can arise where a society neglects to provide the share certificate. In the event that a housing society declines to issue a share certificate, property owners may pursue legal action.
A society share certificate: what is it?
A certificate of society share acts as a legal document attesting to an individual’s legitimate ownership of shares in the cooperative housing society.
What makes a society share certificate necessary?
Whereas a share certificate certifies an individual’s investment and grants them access to a range of rights and advantages as stipulated by social norms, a sale deed certifies the property’s legal transfer to the buyer.
When selling or transferring shares, among other transactions, a society share certificate is necessary. The Housing Society’s share certificate regulations state that a share certificate for a transfer must be sent to the recipient within a month of the transfer document being receive. It guarantees accountability and openness within the community of cooperative housing.
If the cooperative housing association refuses to issue a share certificate, what should you do?
A member may pursue legal action if a co-operative housing society refuses to produce a share certificate despite the member having satisfied all financial obligations. Following several reminders, the member may approach the Deputy Registrar and file a complaint in accordance with Bye-law No. 174(A) (ii) and (iii) if they do not get their share certificate within 15 days of sending a reminder letter. All pertinent correspondence and papers must be sent up by the member to the society in photocopy form.
Options not to use a share certificate from the housing society
There are a few options to think about if a housing society member has not received the share certificate.
A membership card from the society that might contain all the details on the share certificate is one way to solve the problem. As evidence of ownership and membership privileges, certain societies may provide allotment or membership confirmation letters.
As an alternative to a formal housing society share certificate, one may think about these. It is incumbent upon the members to ascertain the legal validity of these substitute documents and ascertain their rights within the housing society.
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In accordance with their state’s Cooperative Housing Society Act, residents of cooperative housing societies are require to apply for a share certificate. A person may be require to submit a variety of documents. Prior to submitting an application for a society share certificate, make sure you are aware of these conditions.
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