Monday, 30 April 2018

Nomination Process in Housing Society

Nomination by Members – Bye Law 32

  • A Member and / or Associate Member of the Society, may be writing under his hand, in the prescribed form, nominate a person or persons to whom the whole or part of shares and/or interest of the Members in the capital/property of the Society shall be transferred in the event of his death.
  • The acknowledgement of the nomination by the Secretary, shall be deemed to be the acceptance of nomination by the Secretary.

Revision of Nomination

  • A Member may revoke or revise his nomination, at any time by making an application, in writing, under his hand, to the Secretary of the Society.
  • Member should filled in Nomination Form (in prescribed format)and submit to Secretary of Society.

Fees

  • No Fees shall be charges for recording the first nomination.
  • On revision of Nomination/Change of nomination shall be charged a fee of Rs. 100/-


Recording of Nomination/Revision Bye-Law 33

  • On receipt of the Nomination form, or the letter of revocation of the earlier nomination, the same shall be placed before the meeting of the Committee held next after the receipt of the Nomination form, or the letter of revocation of the earlier nomination, by the Secretary of the Society for recording the same in the minutes of the Committee.
  • Every such nomination or revocation thereof shall be entered in the register of nominations by Secretary of the Society within 7 days of the meeting of the Committee, in which it was recorded.


Rights of the nominee 

  • After death of the member, the nominee will be entitled to all the rights in the member's shares to the exclusion of all other persons, provided the prescribed procedure for nomination is followed.
  • The shares of the member will be transferred to the nominee.
  • The society is not concerned with disputes amongst the heirs of the deceased. Bye Laws No 32/33 of the Maharashtra Cooperative Societies Act allows the society to transfer the shares of the member to a nominee and the transfer will be valid against any demand made by any other person upon the Society.

After death of Member, What Nominee should do?

  • Nominee/s should submit an application for membership within 6 months of the death of the member.
  • If there is more than one nominee, such nominees shall make a joint application to the society and indicate the name of the nominee who should be enrolled as a member.
  • The other nominees shall be enrolled as associate members.
  • In case only one nominee is indicated by the nominees for membership of the society, the nominees shall also file an indemnity bond in the prescribed form indemnifying the society against any claims made to the shares and interest of the deceased member in the capital/property of the society by any of them upon transfer of shares and interest of the deceased member in the capital/property of the Society to the nominee.

After death of Member, What Committee should do?

  • The managing committee of the society should verify the nomination form duly submitted by the deceased member, and application for membership by new nominee.
  • The Society will act on the nomination immediately on death of the member and transfer the share or interest to the nominee, without waiting to find out who the actual owner of the share or interest is, so that there is no hindrance in the functioning of the society.
  • In the absence nomination, the society shall transfer the share or interest to such person as may appear to the managing committee to be the heir or legal representative of the deceased member provided he is duly admitted as a member of the society.


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