Our HUF (Hindu Undivided Family) of which I am the ‘Karta’ has a Flat in a newly formed registered Co-operative housing society in Bhugaon, Pune, Maharashtra.
The Flat is named as “Datar Vijay Anant (HUF) Name of Society: Athashri Co-op Hsg. Society Ltd., SN 83 (Part), Forest Trails Township, Bhugaon, Taluka Mulshi, Dist: Pune 412 115, Maharashtra ; Regn. No: PNA/MSI/HSG/(TC)/13282/2017 dt. 23/01/2017
Recently the Society has asked the Flat owners to register additional names on the Shares if they wish and have prescribed some procedure. In our case they are not able to guide me as to how to add names on the Share Certificate. Will it be my name first followed by the “co-partners”, which in our case would be names of my wife & daughters. They have asked me to browse thru’ your link for answers. I got your email ID from the ‘contact us’ link. Hence this email.
I shall be grateful for your comments.
I C Naik
Please have a look at the provision of Section 22 of the M C S Act 1960 extracted below:
Section 22 – Person who may become member
(1) Subject to the provisions of section 24, no person shall be admitted as a member of a society except the following, that is to say–
(a)an individual, who is competent to contract under the Indian Contract Act, 1872;
(b)a firm, company or any other body corporate constituted under any law for the time beingin force, or a society registered under the societies Registration Act, 1860;
(c)a society registered, or deemed to be registered, under this Act;
1 [(d) the State Government or the CentralGovernment;]
(e) a localauthority;
(f) apublic trust registered under any law for the time being in force for theregistration of such trusts;
(g) the depositor or the financial service user (29 10 2007)(xi 2008)
If you read the above carefully, you will find that HUF cannot be admitted to the membership of the cooperative society. Please look at the Share Certificate carefully as to whose name appears therein ? If it is HUF then that will have to be changed to your name alone.
If you see bye-law No. 17(a) you will come to same conclusion.
As regards entering name of co-parceners you will have to read my post on the following link which explains the flaw in Model bye-laws 2014 (which is your society’s registered bye-laws also)