Maroof Khan
I.) I wanted to know that if a have a flat consisted of Four members and also I am member of the said flat then if the original share certificate is lost what are the procedures to obtain new share certificate???
II.) Suppose, if the society issued duplicate share certificate having name of only member on that duplicate share certificate on his/her name without the knowledge and consent of other co-member so is it valid under the provisions.
I C Naik
1. For the first time bye law 9B has been inserted in the proposed bye laws Model 2013 as under:
The committee of the society shall issue a duplicate share certificate, on application, to its members on production of following documents –
1. If the share certificate is lost – the copy of Police Complaint lodged and affidavit.
2. If the share Certificate soiled/ burnt/ torn / misfigured etc- affidavit along with the original share certificate.
After following above procedure
if the society issued duplicate share certificate having name of only member on that duplicate share certificate on his/her name without the knowledge and consent of other co-member not only it is invalid the concerned persons are liable to criminal prosecution under IPC for cheating if malafide intentions are verified.