All You Need to Know About a Share Certificate
It is the responsibility of the management committee of the housing society to issue share certificates. Just as the sale deed is an important document in the hands of the rightful owner of a property, a share certificate is evidence that a rightful owner must own the shares of the cooperative housing business.
If you don’t have yours, that’s either that the housing society didn’t want to send it to you, or that you don’t recognize it. Oh, no concerns. We’re showing you how to get things rolling.
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What is a credential for a share, and why do you need it?
A share certificate is a legal document that determines the rightful owner of the shares of the cooperative housing corporation.
As confirmation of the fact that a single member is a licensed owner of shares of the cooperative housing association, a housing corporation issues a certificate.
The model by-laws of the State suggest that, along with the name of the owner of the housing corporation, the number of shares given to the individual, and the amount paid thereon, a share certificate must have a distinctive number.
The company shall issue this to each member for the shares subscribed to it within a span of six months after the allocation of the shares.
Fully free of charge, a share certificate is issued. It is the registrar who decides on the total share capital allowed. This emerges at the point when culture is registered. For eg, a share may be priced at Rs 50, and members with 10 shares per member may receive share certificates.
Notice that if the dues of a member are cleared and there are no burdens, but if the corporation declines to grant a share certificate, the member has full protection against the company to file a court notice/injunction.
Before/after having a share certificate, what to check?
You would get the conveyance deed from the builder and the building association should be in charge of it.
Ensure that the land is free of burdens until a share certificate can be issued by the housing society. Made sure that all dues are paid and no lien remains.
You would also be asked by the housing association to have an indemnity bond. An indemnity contract is unconditional and forbids the holders, including an individual, employer, organization or bank or for whatever gain, from selling his share certificate to others.
The certificate of shares is given by the executive committee, so you must obtain it.
Check if all the necessary signatures are available until the share certificate is released. This provides the signatures of the chairperson, the secretary, and another committee member. The share certificate must also, before it is given, be approved by the committee.
Be sure that the name does not contain any spelling errors and that it is issued in the same order of names as on the actual sale deed. This will help in the future to prevent any misunderstanding.
Transfer of a certificate of share in the event of resale
In the event of a resale, where the share registration is to be transferred, all the documents and required specifications relating to the transfer of shares must be fulfilled. It is the incoming member who has to pay the transition fee to ensure that the former homeowner clears all of the dues.
In the event of the death of the original owner/member, his/her heir(s) shall, within six months, apply for the transition to the applicant of the share(s). In this scenario, there will be a new share certificate issued.
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May I get a license for duplicate shares?
Like with any other significant text, it is not easy to grant a duplicate share certificate. Nevertheless, if you obey the protocol, it is doable.
Next, at the nearest police station, you have to file an FIR. If the share certificate is missing, misplaced, or stolen, list it in the FIR and keep for future reference a copy of the FIR.
Second, the organization must be conscious of the absence of the initial share certificate. You should write an application adding a copy of the FIR to the corporation.
Next, you must also send the company an indemnity bond of Rs 200, meaning that you can bear all the costs or results of releasing a duplicate copy. This bond must also be notarized and the request must be submitted, along with the bond and the FIR.
In the general body meeting, the society’s managing committee will then review your proposal and will approve/disapprove your submission.
Let us presume that your request for a certificate of duplicate shares is accepted. Your organization would place a sign on the noticeboard of such a situation, and print notices in two local newspapers. The member who demanded a duplicate certificate is responsible for this fee.
A 15-day window is required after this, during which objections to such issuance are checked if any. It is issued where there are no challenges to the issuance of a duplicate share certificate.
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