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Housing experts call issuance of additional five shares to society member a myth
Updated On: 03 September, 2022 08:15 AM IST | Mumbai | Vinod Kumar Menon
Housing experts ask state govt and cooperative dept to issue clarity on the amended law for issuance of 10 shares to a society member, from 5 shares earlier
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Previously, only five shares were issued to society members. The amended law allows the issuance of 10 shares, but only to new members. Representation pic
Amid lack of clarity from the authorities, the housing experts have called the issuance of additional five shares a ‘myth’ and raised a red flag about possible misuse by the society members.
Advocate Vinod Sampat, founder and president of Flat Users Residents Welfare Association, said, “For so many years, five shares were issued to members and 10 shares to partnership firms/private Ltd firms, etc. Now, the state cooperative housing department wants 10 shares issued to members. One fails to understand the logic...Rs 250 for five shares is not a big sum, but the havoc that it would cause cannot be expressed in words. If a member has mortgaged his/her property to a bank, would it be feasible to get the old certificate back from the bank, so that a new certificate with 10 shares is issued?
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