Procedures for Issuing the Share CertificateProcedures for Issuing the Share Certificate

Property »Posted 3 Jan 2012

legal question I would like to know the procedures to issue a share certificate to the members of a society in thane CHS. Almost 100% members have bank loans. What are the formalities to be completed?

legal answer from lawyer E00003106Issue of Share Certificates has no relation to Bank Loans by members. In a co-op. Hou. Society Share certificates are generally of Rs.100/- each and as per bye-laws of society each member is given five certificates for Rs.500/-
Get the Certificates printed with the name, address and Registration No. of the society and ask members to pay Rs. 500/- On receiving the amount issue certificate to each member by stating members name and house/flat no. on it. At the reverse there is a column for transfer of certificate in case of sale or transfer in the name of legal heirs of the deceased member.
Printed certificates are also available in the market.


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legal answer from lawyer E00004185If you are in Maharashtra, each share is of Rs.50x5=Rs.250 per member.There are certain entries to be made on each certificate and in a proper format register before issuing. Verify the names from the original agreements and then enter. See the contents of Bank Loan letters if they are asking for depositing shares with the Bank, if so contact the Bank.


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