Legal Question in Real Estate Law in India

How does a Housing Society decide the Share Capital Amount and No. of shares and how is it divided among the members? (2008 Bye-laws)

For a flat with a single name on the share certificate, is it 5 shares of Rs. 50? or 10 shares of Rs. 50? or 5 shares of Rs.100?

For a flat with two names on the share certificate, is it 5 shares of Rs.50? or 10 shares of Rs.50? or 5 or 10 shares of Rs.100?

Thank you very much for answering.

A very confused member of a housing society


Asked on 3/12/13, 9:30 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

13.03.2013

Dear Sir / Madam,

(Prabhadevi, Mumbai, Maharashtra)

The Share Capital of a Society depends on the total number of members in the Society.

As per the latest byelaws, each member will hold 5 shares of Rs. 100/ each totalling to Rs. 500/-

Joint names on the share certificate will also hold only 5 shares of Rs. 100/- each totalling to Rs. 500/- by the person whose name appears first in the Share Certificate.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 3/13/13, 5:14 am


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