On the reverse of my share certificate with a housing cooperative society, one of the previous secretaries wrote a name of some one else, in the column for transfer of flat. However, our signature is not on it, nor is there any stamp of the society or of the secretary of the society. This was noticed much later by me. I brought this to the notice of the society. However, they are sitting on it, though they admit that it is a mistake and will be corrected. Several months have passed and the excuse given is that one or the other committee member is not present. This seems deliberate.
What is the position in law. Can I merely delete it with white ink, must this correction require endorsement by the society? 2. Must all committee members be present? Kindly advice. Thank you.
1 Answer from Attorneys
Dear Sir / Madam,
Your making amendments on the Share Certificate of the Society by yourself is inviting more trouble. Only the office bearers of the Society (Chairman, Secretary, Treasurer) and none of the other Managing Committee members are allowed to endorse inclusion of Associate Member or record the transfer of the Share Certificate to the incoming member in case of sale of flat by the member. You should request the present office bearers to amend the transfer wrongly recorded by the previous Hon. Secretary, who if found guilty of wrong doing can be held liable to pay a fine of Rs. 1,000/- to the Society.
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