When Society can issue Duplicate share certificate?
By Legal Bureau
Share Certificate is one of the most important documents issued to the members of the Co-operative housing society. The member who has lost his Original Share Certificate should make an application to the Society with Indemnity bond stating that he has misplaced/ lost his Original Share Certificate. On receipt of the application the Secretary should call a Managing Committee Meeting for issuance of duplicate Share Certificate to the members. The member must agree to indemnify the society for all cost, expenses that with regards to the issue of a Duplicate Share Certificate. The member should also give an undertaking that he has not mortgage or pledged the Share Certificate with any financing agency. It is important that the society may invite objections by affixing a notice on the notice board of the society. If no objections are received within fifteen days from the date of affixing the notice on the notice board of the society then the society may proceed to issue a Duplicate Share Certificate. Sometime society should insist for a public notice for issuing Duplicate Share Certificate. The Society can charge to the member for issue of public notice before allotting a Duplicate Share Certificate.