I am the Secretary of a Society. In case of a member whose agreement is in joint names of the member and his wife, the share certificate has been issued in the name of the member (i.e. the first person in the agreement) by the earlier Managing Committee. Now, the member wants to enter his wife’s name in the share certificate as asked by bank when the member approached for a loan. What is the procedure to be followed? Whether the share certificate should be issued on joint names if the agreement is on joint names? Whether the second name can be added in the share certificate without passing a resolution?
Thanking you in anticipation of your valuable advice. I am from Maharashtra and Society Regn No. is TNA/(KYN)/HSG/(TC)/10991/99
I C Naik
Going by the registration number of your society, its registered bye-laws should be Model bye-laws 1984 (Released on 5 10 1984 by Commissioner for Cooperation and Registrar of Cooperative Societies). Since you are the Hon. Secretary of the society you can quickly verify the same asking the manager to show you the registered bye-laws certified by the Registering Authority.
As you are the Hon. Secretary in fact you should have gone through the registered bye-laws of your society soon after or even before staking a claim to occupy the office having very onerous duty in the society’s management. Even as ordinary members all members (Main/Associate/Nominal) go through the registered bye-laws of his/her housing society and also confirm in writing the fact that they have read.
If you feel like not believing in this authoritative statement” please ask the manager to show you your membership application in Form 2 filed in “Membership Applications file” (bye-law No. 141(i). You should find following statement:
“I have gone through the proposed*registered Bye-laws of the Society and undertake to abide by the same and any modifications the Registering Authority may make in them.”
I suggest you look at “the functions of the Secretary “(bye-law No. 139).
If you make little efforts you will find the answer to your question yourself.
If you still have any confusion do not hesitate to contact again.