Responsibility of Issuing Certificates
If the managing committee does not issue share certificates, who is responsible?
LRC’s Reply: Within six months of registration of the CHS, or within six months of the member buying a flat from previous owner and submitting all the required forms to the Society, the CHS has to issue the share certificate or transfer the share certificate, in the buyer’s name, under Bye-Law 9. In case the CHS fails to do so, the person has to file a complaint to concerned deputy registrar, against the CHS, for not issuing the share certificate.
Contest for a position in Managing Committee?
Can an associate member contest elections of a cooperative housing society (CHS) for a Position in its managing committee?
LRC’s Reply: Under Bye-law No. 118(iv), an associate member can get the form, in Appendix 10A filled up by the first-named member, or original member, and can contest the election of the managing committee of the CHS.
If the CHS objects to making the associate member a committee member, or objects to an associate member contesting managing committee elections, and if he has already filed his Annexure 10A with the CHS, by producing that copy, the associate member can file a written complaint to the deputy registrar of CHS of that area.
Adding Spouse’s Name in the Property Document
I have bought an apartment in my name. I am the sole owner and all legal papers are in my individual name. What do I need to do to add my wife’s name in the property so that we are both joint owners of the apartment? Also, in case it is in my sole name, in the absence of any Will and in the event of my death, will my wife be the legal heir to the apartment?
LRC’s Reply: To make it very safe, make a gift deed of your apartment, of 50% of today’s government market value. Give a copy of the registered agreement to the CHS, and inform the CHS, to include your wife’s name as 50% shareholder of your flat of your ownership flat.
For the remaining 50%, you can make a Will and also make your wife your nominee for your 50% of the flat which, after your death, will be transferred to 100% in your wife’s name.
This gift deed does not come free of charge. You have to pay 2% of market value of the flat, as stamp duty on the gift deed. If the current value of your flat is Rs1 crore, to give 50% value of your flat, you will have to shell out Rs1 lakh towards stamp duty and another Rs30,000 as registration charges. This is in addition to the miscellaneous expenses of about Rs10,000 towards legal charges to draft a gift deed, and other charges, at the time of its registration.
You have not stated whether you have any children. In the absence of above-mentioned procedure, which is costly, you may make a Will, register it with sub-registrar of assurances, which will cost you not more than Rs10,000. Also, make your wife the sole nominee of your flat, give a copy of your Will to the CHS, so that after your death, it will transfer the flat to your wife’s name. The second idea is more feasible and can be implemented without significant monetary loss.