What Exactly Is A Share Certificate, And Why Do You Require One?
A Share Certificate is a legal document that identifies the lawful owner of the shares in a co-operative housing association. The certificate provides all of the important facts on the member of the housing society, including the number of shares he/she owns in that housing society and the value paid for them. In accordance with the state’s model bye-laws, the certificate has a unique characteristic number.
A Share Certificate is given by a co-operative housing organisation as verification of a specific member’s ownership of shares. This certificate includes the member’s information, the amount of shares he or she owns in the housing society, and the price paid. Everything you need to know is right here.
What exactly is a Share Certificate?
A Share Certificate is issued that proves who owns the society’s shares. The share is issued to each member of the housing society for the shares subscribed for within six months (when the shares are assigned). This is absolutely free, and the registrar determines the total authorised share capital. Following the creation or registration of the society, a share certificate is issued.
What is the purpose of a Share Certificate?
A share certificate is the only current legal documentation of your ownership and shareholding in the society. Although a sale document is crucial, in some situations, a share certificate takes precedence over any formal demand.
Issuing Share Certificate Checklist
- The Share Certificate must be acquired in person by the stated member.
- The property of the member should be free of any obligations or penalties. If there is any, it should be removed as soon as possible.
- The society should have the conveyance deed (an crucial document) from the builder.
- The member’s name and the order of their names (for primary/associate members) should be precisely as they appear on the original sale agreement between the member and the builder.
How can I obtain a duplicate Share Certificate?
You can obtain a duplicate copy of the document by following the following steps:
- At the police station, you must register a complaint or a FIR.
- Keep a copy of the FIR for future reference.
- Inform the others of the housing society and the society that you have misplaced your original Share Certificate.
- Include a copy of the FIR in your application to the society and inform them of your misplaced Share Certificate.
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