Lalit Kumar
Share certificate issued by( promoters) cooperative housing society in 1969/70 in names of husband and wife . Husband’s name is first and wife’s name is second. Form 14 under bye law 32 was filed jointly by Husband and wife nominating their two children with 50% each share.
A) Now, the second named wife died, Can you pls guide as to the procedure to be followed by society”s Mg.Committee.
B) Further pls clarify:-
1) Is joint nomination filed is valid or not ?
2) Both nominated children are now PIO and taken Canadian Citizenship.
3) Are they eligible under RBI law/rule to inherit parent”s property?
I C Naik
1.Associate membership comes to an end upon death; the committee should take the fact on record and delete the name from the share certificate,
2.Husband should submit another form 14.
3.Subject to approval of RBI the children can hold the flat jointly.
