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can society put a lien mortgage stamp on the said share certificate
19-Jul-2023 (In Property Law)
member is availing loan by mortgaging his property. society is providing a noc to bank. can society put a lien/mortgage stamp on the said share certificate . whether society has powers to put stamp of lien /mortgage on share certificate of member
This is my response to you:
1. There is no such procedure like that an NOC should suffice;
2. Infact the society should show you some bye-law or rule where this is permitted;
3. This actually spoils the share certificate by permanently ruining it;
4. If there is no option and the society is forcing it then go ahead with it;
5. But take a declaration from the society/managing committee that the society is solely responsible for doing this and if this share certificate is not usable by others then the society will bear the cost for issuing a fresh duplicate share certificate;
6. Take this declaration on stamp paper and notarize the same.
1. There is no such procedure like that an NOC should suffice;
2. Infact the society should show you some bye-law or rule where this is permitted;
3. This actually spoils the share certificate by permanently ruining it;
4. If there is no option and the society is forcing it then go ahead with it;
5. But take a declaration from the society/managing committee that the society is solely responsible for doing this and if this share certificate is not usable by others then the society will bear the cost for issuing a fresh duplicate share certificate;
6. Take this declaration on stamp paper and notarize the same.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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As per your query
member is availing loan by mortgaging his property. society is providing a noc to bank. can society put a lien/mortgage stamp on the said share certificate . whether society has powers to put stamp of lien /mortgage on share certificate of member.
No society doesn't hav any right as already issued NOC.
If society has any dues hav to mention prior to issuance of NOC.
member is availing loan by mortgaging his property. society is providing a noc to bank. can society put a lien/mortgage stamp on the said share certificate . whether society has powers to put stamp of lien /mortgage on share certificate of member.
No society doesn't hav any right as already issued NOC.
If society has any dues hav to mention prior to issuance of NOC.
Helpful?
38+
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