State- Maharashtra
I am a Chairman of c.h.s, and I need to know- Wheather 2 different flats, with 2 different registrations, but SAME OWNER, can have only 1 combined share certificate with number of shares equivalent to only 1 flat?
If not then what is the procedure to be followed to make 2 share certificates?
Because I have received such ‘Combined share certificate’ of a member to renew from 5 to 10 shares each flat. Thus I came across this situation and need to know what to be done now?
I humbly request for your guidance.
I C Naik
I am a bit confused about a situation you are facing as per this statement in your mail:
“Because I have received such ‘Combined share certificate’ of a member to renew from 5 to 10 shares each flat”
May be some more facts you have held back because you thought they are not important for me.
If we try to find answer to your first question may be your main question’s (No.2) answer pops up on its own. We have to try because a strait forward answer to this question is not provided in any Model. We have to refer to more than one bye-laws in relevant Model which is the registered bye laws of the Society concerned. Assuming your housing society’s registered bye laws are as per 2001 Model, we look for the answer to your Q1.
Q1 .Whether 2 different flats, with 2 different registrations, but SAME OWNER, can have only 1 combined share certificate with number of shares equivalent to only 1 flat? [ namely a minimum number of shares required to be subscribed for the admission to membership of the housing society]
Minimum number of shares an individual applicant required to become member vary from Model to Model of bye-laws released by the Commissioner for Co-operation and Registrar of Cooperative Societies for voluntary adoption by existing housing societies and forcibly imposing on new societies being registered after its release.
In 1984 Model [BL19(A)(i)] and 2001 Model[BL19(i)] minimum number is 5. In Model 2009 it was raised to 10. In 2014 it is unchanged at 10. In your society’s bye-laws it has to be 5 only as we assumed Bye Law Model 2001.
The question is because one person owns two flats and had a single share certificate of 5 shares. Why “Such ‘Combined share certificate’ of a member is to be renewed from 5 to 10 shares each flat” is not clear. You can still explain in case your doubt is not resolved.
Look at your BL62 reading as under:
“Individual member of the society may hold more than one flat, in the building/buildings of the society in his name or in the name of any of the members of his family.”
This is a badly drafted bye-law because in Model 1984 such additional flat could be bought in the same family of a member whether in his name or in the name of any member of the family if requirement of additional flat was justified.
The member of the Society can now but an additional flat without any condition including subscribing to at least 5 shares in the Capital of the Society. He can have more certificates at his option. So a member having any number of flat need not have more than 5 shares in case of housing society registered after 2001 or those adopting Model 2009 or 2014 have to ask all members to purchase 5 more shares.