Jayant Mithbawkar
We have received an application for membership in joint name i.e (1) Mr A Husband / (2) Mrs B Wife. Sale Agreement, Stamp Duty Payment, Registration, MHADA Noc all are in both names as above.
Can we transfer share certificate in such Joint Names as shown above? Application for Membership (Form No.23) heading says ” Form of application for membership of the Society by the proposed Transferee being an INDIVIDUAL”
If it is to be transferred in Jt/both names, then who will be main member? Who will have voting powers? Should we take any undertaking in such a case?
I C Naik
1. On the face of it, a very simple case of enrolling Joint Members, one as Original Member and another as Associate Member both names appearing on Share Certificate in the order they appear in the Sale / Purchase Agreement between the Transferor and the Transferee(s). Voting Powers are as per Bye Law No 25. No associate member shall have any rights or privileges of a member except as provided under Section 27(2) of the Act. Member whose name appears second can vote in the general body meeting if the member having first name is not present. Matter over.
2. But Jayant Mithbawkar has gone through the form 23 carefully and found that there is a provision for one signature only because a single individual is applying for membership as per Bye Law No 38(e)(ii). So how can he make both members?
3. The person who has signed form 23 is an original (main) member by default,
4. There is another form in Appendix 8 prescribed in terms of Bye Law No 19(B) for admitting the persons otherwise eligible to become an Associate member by just filling up this form and a cheque of ` 100.
5. Needless to mention such person’s name need not appear in Sale/Purchase Agreement.
6. If the Form 8 is browsed through, there are answers to question on who votes and whether any undertaking is required and whose names appear on the share certificate etc