Pranjal Shah
I am having three flats in the society, out of which two are on second floor and third one is on ground floor.But Share certificate is one for all the flats. Second floor flats are combined and have one door.
May I split it into two share certificate for second floor and ground floor?
I C Naik
A Membership in Cooperative Housing Society is evidenced by two documents namely;
1.Share certificate of a minimum number of shares, a member is required to subscribe [Bye-Law No 19(A)(i) requires 5 shares at least, impliedly one can by more ]. Since Section 28 of the M C S Act 1960 prohibits purchase of shares of cooperative society in excess of 20% of its total capital. This means one can by more than minimum shares.
2.He has to submit a certified copy of the agreement,(duly stamped) entered in to by him with the Promoter (Builder) under section 4 of the Ownership Flats Act. Or transferor under Section 4 of the Ownership Flats Act.
In case a person has purchased two flats he can submit copies of both agreements or it could be one agreement for both the flats.
If you read the Share Certificate, you will not find any mention of a flat. Both are independent conditions to become a member. Where an existing member buys another flat he does not have to buy 5 more shares. The. Outgoing member can surrender the shares held by him to the housing society. If the buyer disposes off that flat later to other person he has to buy minimum shares a fresh from the Society.
1.Share Certificate issued for all the flats was a right step.
2.You get the two combined flats separated after prior permission of the managing committee.
3.When you sell one of these flats or both the flats it is the purchaser who has to buy minimum 5 shares.
4.So as of now as far as one share certificate is concerned you need not do anything.
As a matter of fact such questions can be answered by minute reading of bye laws of the Society. But I can dare say you have not seen the Bye-Laws of your society.
Go in to office during declared office times and tell the manager you want to see the bye-laws. If you like the book you can buy a certified copy thereof which should not make you poorer by more than ` 100/- Thereafter start finding the answers to questions replied by me. If your answer is different we will have very interesting exchanges I can guarantee you.
