Cooperative bank share tranfer
17-May-2023 (In Banking / Finance Law)
My Name is Ganesh Mallya. , 45 years from Perdoor, udupi , Karnataka. My Father was a share holder in a SK Gold smith cooperative society , Mangalore. My father was died on 25th dec 2016. He already nominated me for the share. When I requested the Society to transfer the share in my name, they are saying they are returning the share amount. The share value is Rs 50.000. Previously My mother has same amount of share. She died in 2010. That time they transferred the share in my name . That case also I was the nominee Here point why they are returning money ,since they are giving 18 dividend each year for the members, it is burden for them they are not receiving the new share. In this case it is not a new share. It is existing share . My question to you sir,If shareholders dies, It is right of the nominee to continue as share holder or withdraw the amount as per his wish? Is it or not? Respected Sir, Kindly give your legal opinion to me on the above matter suggest how can I go ahead
Hi, You need to see the agreement given by the respective company on transferring the shares, in case of death of the share holder. But, After the death of the share holder the shares they held has to be transferred to nominee.
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