Rajendra Walawalkar
Let me give you the background first so that this query can be understood properly. Our society is located in Dadar (w) & was constructed by promoters in 1969 and had 16 flats. The flats were of different areas and 1 member had bought 2 adjacent flats; Flat A with area 805 sq ft & Flat B area 350 sq.ft.
These two flats were also merged into one by demolishing the common wall separating the 2 flats by the member and is in the same state even today.
Since the same person had bought these 2 flats the society then had issued only 1 share certificate to the member for both the flats. Since last 45 years we have continued with this and now the member is requesting for 2 different share certificates i.e. one for Flat A and another share certificate for Flat B.
We are not sure how this can be done and whether there is any provision to issue different certificates now. Also how would this impact the share capital of this society as physically there are 16 flats but members are only 15 and thus shares were split in 15 members only.
Any advice or guidance in this matter will be of great help to the managing committee to take this matter ahead.
I C Naik
The Bye Laws prescribe minimum number of shares which a member must pay for. See below a portion of bye law No 19.
19. (A) An individual who is eligible to be a member and who has applied for membership of the society in the prescribed form, may be admitted as member by the Committee on complying with the following conditions:-
(i) he has fully paid the value of at least tenshares of the society, along with his application for membership;
Section 28 of MCS Act has put ceiling of Rs 20000 for holding shares in cooperative society. So additional shares up to Rs 20000 (including the current holding ) can be issued. It may be noted that Shares do not carry voting rights. Member carries one vote.
