Mayuri Shah
I and my hubby had jointly acquired the flat in a co-operative society in Mumbai. We both have our contribution of payment in 60:40 ratio respectively for purchasing the property. Details of our payment had been specifically categorically specified in agreement also.
In the share certificate of society, there is a provision of only one name. so we suggest my hubby’s name as first name for society purpose. so share certificate has been issued accordingly.
Someone has told me that where separate shareholding is not mentioned, it is deemed that the ownership is in the ratio of 50:50.
Is it true? Also like to know in that case i and my hubby are JOINT OWNER or CO-OWNER?
though there is no separate document specifying percentage of holding in flat but in document with builder (which was registered with Registrar) has specifically & categorically shown the figure of payment which is in the ratio of 60:40 (i.e. mine contribution is 60% whereas contribution of my hubby is 40%.).
Will this not be a sufficient proof of my 60% share?
i have been told by the society’s managing committee that only the first name holder can attend the AGM and that Ii can neither attend AGM nor raise any objection in the expense of society though i am an one of owners of the one of flats of society and moreover i pay all dues of society from my personal account.
Here, I request you to let me know
1] percentage of my share in absence of mentioning of separate shareholding
2] whether i am joint owner or co-owner of the flat and may i have right to take objection to unnecessary/unrelated expense ?
Awaiting for your expert guidance.
I C Naik
Dear Mayuri
Someone told you that ‘In share certificate of society, there is a provision of only one name’…. IS INCORRECT.
In a CHS members are admitted in two ways. Those flat purchasers who signed the Bye Laws as Promoters become member on registration of the C H S.
Associate member is admitted against application in a form prescribed in bye-laws. Associate may not be a party to flat purchase agreement.
RIGHTS of Associates are specified in bye-laws. Associate Member can become even a Chairman. Model Bye Laws 2001, 2009 and 2013 Draft permits this.
So tell the Secretary that you want to contest election to Management Committee (when conducted by Cooperative Election Commissioner) and ask fo r paper work to be completed for that purpose. Of course the blessings of original member (your hubby in this case) is a MUST since he is the member of your CHS AS OF TO DAY.