I am one of the office bearers in a housing co operative society in Thane. Some of the flats are occupied by new members who have purchased from original buyers.
They have overlooked the act to get the share certificates from the original buyers, who are not traceable. Now they want us to issue a copy of the share certificate. What should the managing committee do?
I C Naik
In Model 2014 Bye laws there is a Clause b in Bye law No 9 as under:
b) the Committee of the Society shall issue a duplicate share certificate, “So Marked”, on application to its members on production of following documents.
1.if the share certificate is lost – copy of police complaint lodged, and an affidavit in that regard.
2.if the share certificate is soiled, burnt, torn, disfigured etc. affidavit in that regard.
Your society?’s Bye laws may not have the aforesaid clause. However the Committee can pass a resolution recording facts and taking an indemnity of members on plain paper to the effect that if Original Certificate is found later on the Duplicate will be returned. ?