Q - THE RIGHTS OF JOINT OWNERS IN A HOUSING SOCIETY WITH REFERENCE TO THE FOLLOWSING ?
1. If X and Y are joint owners of the flat and holding the shares jointly in the housing society with X as the First Name, what will be the status of Y in the society matters during the lifetime of X 2. Whether Y can inherit the flat automatically and become member of the society after the death of X 3. Whether both have to sign the nomination application for submission to society and 4. Whether they can nominate mutually by making Y as a nominee of X and X as nominee of Y. The reply to the above Questions are 1. If the flat stands in the name of X and Y the person whose name stand first in the share certificates is considered to be the oringinal member of the society. Y being the joint member shall have no rights or privileges of a member except attending the general meeting in the absence of the original member 2. After the death of the first member the joint member ceases to be a member of the society and the flat goes to nominee or legal heir as the case may be 3. Joint member has no right to nominate anybody 4. To safeguard the interest of the joint member, original member can nominate joint member also. However, the joint member is not like a property donor and he can not nominate anybody. With Best Regards SHENOY INVESTMENT AND FINANCIAL CONSULTANTS PRIVATE LIMITED 11-A, KASHI NIKETAN, 2ND ROAD, CHEMBUR, MUMBAI - 400 071 TEL : 6797 3433 / 2521 2111 EMAIL : [email protected] [email protected] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "BETTER PERSONALITY GROUP" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/BETTER_PERSONALITY?hl=en -~----------~----~----~----~------~----~------~--~---
