Introduction
Issuing a share certificate is a significant responsibility for any housing society. It not only provides legal proof of membership but also ensures that the society operates transparently and without disputes. The managing committee plays a key role in the proper issuance, maintenance, and verification of share certificates.
Responsibilities of the Society
A housing society must issue a share certificate to every member upon their admission. This should be done within six months of their membership approval. The certificate must be signed by the designated authorities and bear the official seal of the society to be legally valid.
Documentation Required
Before issuing a share certificate, the society must verify essential documents, such as the sale agreement, maintenance bill receipts, KYC documents, and any previous share certificates if applicable. Proper verification prevents fraudulent claims and ensures the rightful ownership of flats within the society.
Record Maintenance
Societies must maintain an updated register of share certificates, including details such as member names, certificate numbers, and issuance dates. This helps in tracking ownership changes, preventing duplication, and ensuring smooth property transactions.
Handling Lost or Damaged Certificates
If a share certificate is lost or damaged, the society must follow a standard procedure for reissuing it. This typically includes obtaining an indemnity bond from the member, verifying the loss through public notice (if required), and maintaining proper documentation to prevent misuse.
Transfer of Share Certificates
When a property is sold, the share certificate must be transferred to the new owner. This process requires the seller to surrender the original certificate and the buyer to submit necessary documents. The society must ensure that all legal requirements are met before updating the records.
Importance of Regular Verification Events
Events like document verification drives help societies ensure that their records are up to date. Such initiatives prevent disputes and ensure that all members hold valid and legally recognized share certificates, strengthening the society’s governance and transparency.
Conclusion
The issuance and maintenance of share certificates are crucial for the smooth functioning of a housing society. By ensuring proper documentation, record-keeping, and verification, societies can safeguard members’ rights and maintain legal compliance. Every housing society should take this responsibility seriously to avoid future complications and disputes.
Also Watch : Important Rera Judgements taken by MahaRERA under different circumstance-2
1. Website – https://www.dearsociety.in/
2. Instagram – https://instagram.com/dearsocietymh?igshid=NmE0MzVhZDY=
3. LinkedIn – https://www.linkedin.com/company/dear-societyin/
4. Facebook – https://www.facebook.com/dearsocietyMH?mibextid=ZbWKwL
Call
Whatsapp
Enquiry