Our Society was formed with the municipal employees. The builder / chief promoter had collected 20% of flat cost from each member. He also had collected Rs. 250/- from each member towards the 5 Shares. On formation of the society it obtained 80% loan from the Municipal Corporation.
After a period of possession and issue of the certificate, one member surrendered his flat to the society, which was further allotted to a new member
.
What steps are required by the society in above case. Whether the share certificate, which has already been issued to the old member who surrendered his flat be cancelled with immediate effect on surrender of the flat? and a fresh certificate be issued to the new member? OR the same certificate be re-issued with entries for transfer of flat and endorsement on the back side of the share certificate?
As said above the builder / chief promoter had collected 20% amount along with Rs. 250/- for 5 shares and entrance fee. Can society re-collect those amounts from the new member?
Pl clarify in details and also quote appropriate Bye-law, act etc.
Thanks, Regards
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