Krishnadas Menon
Dear I.C.Naik
This letter I, am writing for my mother in law , she is a senior citizen purchased a flat in 2005, and society formed in the year 2010, after forming the society they are started to issuing share certificate in 2012 onwards.
Managing committee frame their own law if any one purchased flat without any bank loan, (by the way of own saving) have to submit a Notarized declaration to society as a precaution (Against Mortgaging Etc.) then only they will hand over the share certificate . Is it necessary to give such declaration and they can make a law above the byelaw (Because I never seen such clause in bylaws), please explain with laws.
Below the Declaration Society Demand.
We the undersigned herewith declare and confirm that we have not obtained any loan/financial assistance from any financial institution to acquire Flat no…… in Chs.Ltd. Sitatued ………
We herewith indemnify society and its committee that if the above information found contradictory we will be liable for any suitable legal action.
I C Naik
Legally the flat is owned by the Society. Members have the right to use it till infinity.He can transfer also like an owner. The transferree is once gain a holder of rights to use the flat.
The Mortgage of a flat in a Society requires consent of society also as the bank normally insists.
Though bye laws are the laws the General Body Resolutions are also binding on members like bye laws as long as such resolution is not contrary to any bye Law.
There is nothing wrong in Society keeping track of the parts of its property are mortgaged. No member should have any adverse consequences in furnishing a factual declaration. It makes the Society run more effectively.