Friday, 16 September 2011

NOMINATION AND SHARES TRANSFER TO NOMINEE AFTER THE DEATH OF MEMBER



§         A member can give his/her nomination to Secretary of the society under Bye-Laws No. 32 and 33.A member can nominate one or more persons to whom the flat/shop/garage and the member’s share in the capital/property of the society must be transferred after the member’s death. The acknowledgement of the nomination by the Secretary shall be deemed to be the acceptance of the nomination by society.
                             
§         A nomination is made by executing nomination form .A specimen of nomination form is given in Bye-Laws Appendix-14.

§         For first nomination made by member’s society can not take any charge from member.A member may revoke or vary his/her nomination, at any time by making fresh nomination. Every fresh nomination shall be charged a fee of Rs. 100/-

§         The acknowledgement of the Variation / Fresh in nomination / subsequent nomination by the Secretary shall be deemed to be the cancellation of the earlier nomination.

§         On receipt of the nomination form, or the letter of revocation of the earlier nomination Secretary should give the acknowledgement for the same. The society can not refuse the nomination maid by member’s

§         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 MC 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 the recording the same in the minutes of the MC. Every such nomination or revocation thereof shall be entered in the nomination register by the Secretary of the society within 7 days of the meeting of the MC,in which it was recorded

§         Nominee/Nominess is only Trustee of that Property not legal owner of that property after the death of member .If property is transfer to Nominee/Nominess it does not mean that he is legal owner of that property. Legal Heirs can go to Hon. Court and  estiblish their right as per different Laws. On received such order from the Court society is bound to transfer the property to that Legal Heirs. Membership given by Nomination to Nominee/Nominess is the way on which society can contact / talk the person’s after the death of member regarding his/her property in society. Nominee/Nominess is only Trustee of that Property.

§         In the event of the death of the member, Secretary should send letter to Nominee/Nominees with in 15 days after the death of member asking him/her to change the name in property of society As per nomination / Court order or as per Will.

§         In the event of the death of the member, Nominee/Nominees shall submit the application for membership,with in six month from death of the member.An application include 1.A specimen form of application to be submitted by the Nomiee is given in Appendix-15 in Bye-Laws  2. Form of Indemnity Bond is given in Appendix-19 in Bye-Laws 3.The form of undertaking to use the flat for the purpose for which it is alloted is given in Appendix-4 in Bye-Laws. 4.True copy of Death Certificate. 5.Nomination form 6. Membership Fee

§         If  Nominee/Nominees does not  submit the application for membership,with in six month from death of the member Secretary should invite claim or objection by giving notice in 2 large publication NEWS Paper. The cost of this notice should collect from Nominee/Nominees and then transfer the shre of the death member to Nominee/Nominees if no claim or objection come.


§         Subject to the provision of the Section 30 of MCSAct,1960 Bye-Laws no. 34, 17A ,19 ,on the Death of the member, the society shall transfer the share and interest of the deceased member in the capital /property of the society to Nominee/Nominees and in proportion with the shares and interest held by the deceased member,in case property is purchased by member and associate member jointly

§         Nominee can not create interest in favour of the third parties without establishing the rights of the Legal heirs

§         If  there are more than one Nominee,on the death of a member,such nominee shall make Joint Application to the society and indicate the name of the Nominee who should be enrolled as member.The other nominess shall be enrolled as Joint/Associate Member unless the nominees indicate otherwise

§         The Nominees shall also file an Indemnity Bound in the prescribed form indemnifying the society against any claim made to the shares and interest of the deceased member in the property of the society by any of them in case only one nominee is indicated by the Nominees for membership of the society

§         To protect the interest of the widows of the members by restricting the right of the nominee to deal with the property.


10 comments:

  1. I would like to know that if the property is in joint name then what would be the wisest way to fill up the nomination form. We would like to have the living member ie the husband or wife to have the rights to the flat but in case of death of both owners, the child to have the rights.

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  2. Best way is o file the nomination for each joint owner seperately for their share in property.
    for eg. Let "A", "B", & "C" by the property in capcity of "A" = 34% , "B" = 33% & "C" = 33% share in property then "A" make nomination for his/her 34% share of property. similarly "B" & "C" make nomination for their 33% share. In the death of " A" his 34% share goes to his/her nomini. same is for "B" & "C"

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  3. My widowed mother has got a share in her fathers property after the demise of both her parents. She is in possession of a share certificate from the society concerned to her claim along with her 2 sisters & 1 brother who are living in the said flat currently. Now she wants to make a nomination for the same in the name of me and my brother in the event of her demise. Kindly advise. Shalini

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  4. Please fill nomination form which is available on blog. Write your and your brother share as 50% each,

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  5. My father passed away and now the flat is on my mothers name. She wants to nominate me alone for the entire share as my other 2 brothers and 1 sister has already got their share. However the society is saying that there is a New rule through which she first has to mention all the 4 siblings name in the nomination form and after she passes away I can submit the NOC from my siblings. I wanted to know is this is the right rule or my mother can nominate only me if she wants to

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    Replies
    1. Your mother can make any person,firm,trust which is present in this word as nomine of her share. I do know which new rule society saying about. Ask the society to provide the copy of that rule. But remember that at the time saleing of that flat you have to take legal heirship from court

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  6. I have lost my father and want to transfer dads property to moms name and get myself nominated for the same. Two questions comes to me are
    1. Nomination form as in Appendix 14 has to be submitted to the society (In triplicate) on a plain paper or Rs. 100 stamp paper or franked. Pls note there is a single nominee.

    2. In absence of stamp paper can the Indemnity Bond (for Rs. 100/-) and Affidavit-Cum-No Objection (for Rs. 100/-) be franked.
    I will of course get it notarize by advocate.

    Kindly guide.

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  7. If your father has made a nomination then society can transfer according to that and you have to do process as per bye laws no 34

    If no nomination is made by your father then process as per bye laws no 35.

    Nomination form in triplicate on green legal size paper.it is available in market or federation office or in my blog.

    For indeminty bound Rs. 200/- stamp paper and for affidavit Rs. 100/- stamp paper. You can use stamp paper or frank it for same amount.

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  8. My husband Mr.X purchased a flat in a cooperative society in Mumbai.
    The sale read purchaser Mr. X proprietor of C. The share certificate was issued in the name of C(the name of the proprietory concern).
    My husband filed a nomination and signed Mr. X proprietor of C. Both the sale deed and nomination form had the proprietor stamp. The nomination form was acknowledged with the society seal.
    This was four years back. They still have not entered the nomination in their register.
    Today they tell me that they need to get legal opinion as the share certificate is in the name of C and the nomination form is signed by Mr X proprietor of C !!!!!
    Please advise me what I should do.
    Thank you in advance.
    Sheila

    ReplyDelete
    Replies
    1. For Co./Trust/ Firm/HUF etc where share certificate is issued in the name of Co./Trust/ Firm /HUF present director / proprietor/ karta is member on behalf of Co./Trust/ Firm/ HUF. No need to file Nomination.

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