What To Do If Your Housing Society Refuses To Issue A Share Certificate?
A co-operative housing society’s share certificate attests to the legitimate ownership of the society’s portion. It holds equal significance to a possession letter or selling deed. There are legal options available to you if your housing society refuses to issue a share certificate or if you haven’t received one. Let’s begin by going over the definition of a share certificate, its significance, and its substitute.
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In October 2023, Ms. Kalpesh Das, a South Delhi resident, purchased shares in a cooperative housing association. She has waited a whole six months for her share certificate, and still hasn’t received it. The housing society offered her feeble justifications for the wait when she questioned about this. A distressed Ms. Das is uncertain about what to do next. Here are some helpful tips on what to do if your housing society refuses to issue a share certificate for a number of property owners, including Ms. Das. Let’s first discuss what a share certificate is, its importance, and why we need it before getting further into this.
Why is a share certificate from the co-op housing society required?
A co-operative housing society’s share certificate attests to an investor’s investment and provides access to a range of rights and advantages delineated by the regulations of the society. This essential document is important because it’s utilised in transactions like share transfers and sales. Additionally, it contributes to accountability and openness within the cooperative housing community. But what should you do if you’re not given a share certificate by the housing society? In the following section of this post, let’s find out.
Legal options if the cooperative housing association refuses to issue a share certificate
A member may take legal action if a co-operative housing society refuses to give a share certificate even when the member has complied with all financial responsibilities. The member may file a complaint with the Deputy Registrar in accordance with Bye-law No. 174(A)(ii) and (iii) if, after several reminders, they still do not obtain their share certificate within 15 days of sending a reminder letter. Photocopies of all pertinent records and communications with the society should be included with the complaint. But are there any substitutes for the share certificate in case nothing works? To learn more, keep reading.
Alternatives to Housing Society Share Certificates
There are other options available if the housing society refuses to issue a share certificate. Having a membership card that is issued by the society is one option; it can include data that is comparable to a share certificate. In addition, as proof of ownership and membership privileges, certain housing societies may provide allocation or membership confirmation letters. In situations where a formal share certificate is not easily obtained, these substitutes may be employed. Members must, however, make sure that any substitute paperwork they get is legitimate legally and appropriately reflects their rights in the housing society.
To put it briefly, a co-operative housing society’s share certificate is proof of an individual’s investment. It gives them access to a wide range of advantages and rights. Ensuring share certificates are issued and maintained appropriately promotes responsibility, openness, and trust in the cooperative structure.
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