Application for issuance of share certificate of a housing society
25-Feb-2023 (In Property Law)
I need to apply for a duplicate share certificate. But I want to know that after issuing a duplicate share certificate to a member of a co-operative housing society, how does the society ensure that the first certificate is not misused if it is it submitted?
You must be aware of the following-
- Society insists on indemnity bond from member
- Member must agree to indemnify the society for all cost, expenses that with regards to the issue of a Duplicate Share Certificate.
- The member should also give an undertaking that he has not mortgage or pledged the Share Certificate with any financing agency.
- Further the society invites objections by affixing a notice on the notice board of the society. If no objections are received within fifteen days from the date of affixing the notice on the notice board of the society then the society may proceed to issue a Duplicate Share Certificate.
- Society also insists on public notice for issue of duplicate share certificate
The undertaking by member, indemnity bond and public notice is sufficient to protect interest of society in case of any fraud by member.
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