Q. I was the chairman of society in 2018 when the members were issued share certificates upon producing the registered documents of ownership and payment of taxes, etc. The certificates were prepared in the names of all members but were issued to those who complied with the requirements. Now in 2025, some of the members are seeking the certificates pursuant to the compliance. The present chairman/secretary is not willing to sign it and is asking them to obtain the signatures of the then chairman (i.e. myself) and the secretary who have prepared it. Legally, who is required to sign the share certificates prepared in 2018?

Vishwas Ahirekar, Andheri

A. Cooperative Housing Society is an artificial juristic person registered under the MCS Act, it operates through an elected managing committee with a 5-year tenure. It is the responsibility of the managing committee to issue the share certificate to every member upon submission of the required documents. If members who did not comply in 2018 now approach the committee, the current committee is responsible for accepting their documents and issuing share certificates.

As per bye-law 10, share certificates must bear the society’s seal and be signed by the current chairman, secretary, and a duly authorised committee member. Therefore, the present office bearers must sign the certificates. The present chairman and secretary can record in the management committee meeting minutes that the share certificates were prepared by the previous committee but delayed due to incomplete document submission.

As per bye-law 140, the current secretary is responsible for issuing share certificates within six months of share allotment in the prescribed manner. Requesting signatures from the past chairman and secretary is invalid, as they no longer hold authority.

Q. Can an associate member participate and vote at the meeting for considering redevelopment and appointment of builder. Can his attendance be considered for the quorum of the meeting? Geeta Kaul, Versova

A. An associate member can participate in general body meetings with the prior written consent of the member. If such consent is granted, their presence counts toward the quorum for a special general body meeting to consider redevelopment and appoint a builder. The quorum requirement is 2/3 of the total members, and approval requires consent from 50% of the total strength. For example, in a society of 60 members, the quorum is 40 (2/3 of 60), and consent from 30 (50% of 60) members present is needed to approve redevelopment.

Q. I wish to purchase a house jointly before my marriage scheduled in 2026. I wish to know how joint ownership will be beneficial. Rahul Vaidya, Kandivali

A. Joint ownership offers several benefits for purchasing property, especially in Mumbai. It allows the sharing of the financial burden. Combining incomes enables a larger housing loan, facilitating the purchase of a bigger house in a preferred location. Both owners can individually claim tax benefits on the joint loan. Further, the risk associated with the ownership of properties, repair, and maintenance costs is also shared, the property remains indivisible.

Joint ownership allows each owner to use and enjoy the property, with no single owner having exclusivity. Ownership percentages can be decided based on financial contributions or preferences, and income from the property can be shared. Right of survivorship will be available, it enables collaborative decision-making and better estate planning.

However, in case of any differences or disputes, one of the joint owners cannot take any decision. To avoid future conflicts, it’s advisable to specify ownership percentages in the agreement for Sale and Loan Agreement.

The questions are answered by Sharmila Ranade, a legal expert associated with Mumbai Grahak Panchayat. The questions, in brief, may be sent to fpjchs@gmail.com