A co-operative housing society registered under the __________
Registration No. __________
Registered office: __________
SHARE CERTIFICATE
4.Authority for issue. This certificate is issued by the Society, which is a body corporate with a common seal by virtue of its registration under the said Act, pursuant to the resolution of the Managing Committee referred to in clause 2.
5.Restriction on transfer. These shares are not transferable except in the manner and to the extent permitted by the said Act, the Rules and the bye-laws of the Society. No transfer takes effect against the Society unless the requirements of the bye-laws as to notice, application, any minimum period of holding, the prior approval of the Managing Committee and the admission of the transferee to membership have been satisfied, and unless the transfer is recorded in the Register of Members.
6.Charge of the Society. Nothing in this certificate affects the charge, lien or right of set-off that the Society has, under the said Act and its bye-laws, over these shares and over the member's interest in the capital and property of the Society in respect of any sum due to the Society from the member.
7.What this certificate is, and is not. This certificate is evidence of the member's shareholding in the Society and of the right of occupancy that goes with it, read together with the Register of Members. It is not a document of title to immovable property, and it does not by itself create, transfer or extinguish any interest in the flat.
8.Loss or damage. If this certificate is lost, destroyed, defaced or mutilated, the member shall inform the Society in writing at once and may apply for a duplicate in the manner laid down by the bye-laws, on furnishing the declaration, indemnity and fee that the bye-laws require.
(Common seal of the Society affixed here)
Affix and cancel the stamp of the value prescribed by the stamp law of the State before or at the time of issue.