Name of associate member on share certificate of society
Can name of Associate member appear as second name in the share certificate of the society? Some office bearers of our society are of the view that name of Associate member can not appear on the Share Certificate of the society. Kindly let us have your legal opinion on this subject & oblige.
Sir, the answer to your query is in the negative. The name of an associate member cannot feature on the share certificate normally. However, bye laws of some states allow associate members to contest the election of the society like the Maharashtra Co-op Societies Act of 2013 and lay down that if he wins the election and is elevated to some post then his name may feature on the share certificate. However other by-laws don't allow associate members to become office bearers and hence prevent their names from appearing on share certificates. Thus please comment your specific state for more accurate advice.
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