Process to issue a Duplicate Share Certificate

The process to issue a duplicate share certificate as per the Maharashtra Cooperative Societies Act, 1960, Rules, 1961, and Model Bye-Laws is outlined below:

Step-by-Step Procedure:

1. Application from Member: 
   - The member must submit a written application to the society, stating the loss, theft, or damage of the original share certificate.
   - The application should include details such as:
   -
2. Furnishing Supporting Documents:
   - In case of loss or theft:
     - The member must submit a copy of the police complaint (FIR) or a loss report.
   - In case of damage:
     - The damaged share certificate (if available) must be surrendered to the society.
3. Indemnity Bond:
   - The member must execute an Indemnity Bond indemnifying the society against any future claims related to the lost or damaged share certificate.
4. Public Notice (Optional):
   - The society may publish a public notice in a local newspaper, informing about the loss of the share certificate and inviting objections (if any) within 15 days from the date of publication.
5. Managing Committee's Approval:
   - The application and supporting documents should be placed before the Managing Committee for approval in the next committee meeting.
   - The committee must verify that there are no outstanding dues or disputes related to the membership.
6. Issuance of Duplicate Share Certificate:
   - Upon approval, the society will issue a duplicate share certificate to the member.
   - The new certificate should clearly mention the word Duplicate and bear the same details as the original, including the date of issue.
7. Recording in Society’s Records:
   - The society must update its Share Certificate Register with details of the duplicate certificate issuance.
   - A remark about the issuance of the duplicate certificate should also be noted in the society’s Minutes of the Meeting.
8. Fee Payment:
   - The member must pay the requisite charges for issuing the duplicate share certificate, as prescribed in the society's bye-laws or decided by the committee.

Relevant Bye-Laws and Rules:

1. By-Law No. 9(a): Governs the format and content of share certificates.
2. By-Law No. 48: Provides for issuing duplicate share certificates in case of loss, theft, or damage.
3. Rule 33 of MCS Rules, 1961: Mandates maintaining a register of share certificates.

Important Notes:

- The duplicate share certificate must carry a disclaimer stating that it is issued in lieu of the original lost/damaged certificate.

- Any objection received during the notice period must be addressed before proceeding.

- Legal action may be taken if false claims are made by the member requesting a duplicate certificate.

This process ensures compliance with cooperative laws while safeguarding the interests of the society and its members.

By: CsLawship.in

Process to issue a Duplicate Share Certificate