The name change in the share certificate in Maharashtra is a process that allows individuals to change their name in the share certificate of their housing society. Name changes are necessary after marriage, divorce, adoption, or any other event.
What is a Share Certificate?
A share certificate is a legal document that serves as proof of ownership in a housing society. It represents the Individual’s share in society and is used to transfer ownership in case of the sale or transfer of shares.
How To Add Name In Society Share Certificate?
The process of changing a name in Maharashtra must be done in person at the Registrar of Societies and is not available online. This article aims to tell you about Maharashtra’s Name Change Procedure.
Document Required (How To Add Name In Society Share Certificate)
The following documents are required for a name change in the share certificate in Maharashtra:
- Original Share Certificate
- Gazetted copy of the name change
- No objection certificate from the company in whose shares you hold.
- Passport-Size Photo
- An Indemnity Bond
- Sale Deed, in case of transfer of shares
- Name Change Application Form
- Duly Notarized Affidavit
Eligibility for Name Change in Share Certificate in Maharashtra
To be eligible for a name change in share certificate in Maharashtra, the Individual must pass the following criteria.
- The Individual must be a registered member of the housing society.
- A valid reason for changing the name must also be provided by the individual. Listed below are some of the reasons why
- Marriage: Upon getting married, many individuals change their names to reflect their new family status.
- Divorce: In the case of a divorce, individuals may want to revert to their previous name or choose a new name.
- Personal preference: Changing one’s name may be a personal or professional choice.
- Error in the original name: In some cases, there may be errors in the original name as recorded on the share certificate.
- Legal requirements: The name on the share certificate may need to be changed due to legal requirements.
- Transfer of shares: When transferring shares from one individual to another, the new owner may wish to have the shares registered in their name.
- Inheritance: When shares are inherited, the new owner may have them registered in their name.
The Individual must have valid government identity proof
- Aadhar Card
- PAN Card
- Passport
- Voter ID Card
- Driving License
- Ration Card
- Government Employee ID Card
- Pensioner Card issued by the Government
- Health Insurance Smart Card issued under the scheme of the Ministry of Labour
- Arms License
Who can Apply for a Name Change in Share Certificate in Maharashtra?
The Individuals themselves or their legal representative can apply for a name change in their share certificate.
How To Add Name In Society Share Certificate in Maharashtra?
- Provide a Gazetted copy of the name change document, such as a Deed Poll or an Affidavit for change of name.
- Provide the original share certificate in your name.
- Fill out an Indemnity Bond to declare that you are fully responsible for the change of name and any liabilities that may arise from it.
- Make sure to have all the required documents ready, including the Gazetted copy of the name change, the original share certificate, and the Indemnity Bond.
- The required documents must be submitted to the Maharashtra Registrar of Co-operative Societies.
- The Registrar will verify the submitted documents and make the necessary changes to the share certificate.
- Registrars will issue new share certificates with the updated name once the changes are made.
Reasons for Rejection of Name Change Application for a Share Certificate
A name change application for a share certificate can be rejected for several reasons. Some common reasons for rejection include:
- Incomplete or incorrect documentation: If the submitted documents are incomplete, incorrect, or do not match the required criteria, the application can be rejected.
- Lack of legal grounds: If the name change is not supported by legal grounds, such as a Deed Poll or an Affidavit for change of name, the application can be rejected.
- Indemnity Bond issues: If the Indemnity Bond is not filled out correctly, or if there are issues with the bond, the application can be rejected.
- Improper request: If the request for a name change is not submitted in the correct format or does not meet the company’s guidelines, the application can be rejected.
- Pending legal issues: If there are pending legal issues related to the shares, the application can be rejected until the issues are resolved.
- Fraud or misrepresentation: If the name change is suspected to be a result of fraud or misrepresentation, the application can be rejected.
Advantages of Name Change in Share Certificate in Maharashtra
Proof of ownership:
A updated share certificate serves as proof of ownership in the housing society.
Transfer of shares:
The updated share certificate is required for the transfer of shares in case of sale or transfer.
Legal recognition:
A name change in the share certificate is legally recognized and allows the Individual to use their updated name in all official transactions.
Estate planning:
If the name on the share certificate is different from the legal name, it can lead to complications in estate planning and the transfer of shares to heirs. Changing the name on the share certificate ensures a smooth transfer of shares.
Easy record-keeping:
Having an updated share certificate with the correct name makes it easier for the company and investors to keep accurate records.
Better organization:
Changing the name on a share certificate helps to keep personal financial records organized and up-to-date.
Improved identity:
Changing the name on a share certificate can help to improve personal identity and make it easier for investors to manage their investments.
How to change name in Official Gazette?
Providing a step-by-step guide on how to change your name in the Official Gazette.
Name Change Affidavit:
The first step in the name change process is to prepare a Name Change Affidavit. This is a legal document that serves as proof of your name change and is required by the Government for processing your name change application. A Name Change Affidavit typically includes your personal information, the reason for the name change, and your signature.
Publish Name Change Ad in Newspaper
Once you have prepared the Name Change Affidavit, the next step is to publish a name change advertisement in a newspaper. This is an important step in the name change process as it serves as official notification of your name change. The advertisement should include your new name, the reason for the name change, and the date of the change.
Gazette Publication
After completing the above steps, the next step is to submit the Name Change Affidavit and the newspaper ad publication proof to the concerned government office, typically the Registrar General’s office or the Ministry of Home Affairs. After reviewing your application, the Government will publish your name change in the Official Gazette if it is approved.
Summary
A change of name in a housing society share certificate is a common occurrence. If you want to change your name in the share certificate, you can request a duplicate share certificate. The issuing of a duplicate share certificate in case of name correction requires an affidavit and a request for a duplicate share, along with an indemnity bond of Rs 200, to be submitted to the society.
The share certificate is a legal document that is issued by the society to its members. In the case of a cooperative housing society, the share certificate is proof of the member’s share capital in the society’s shares. The managing committee of the society is responsible for issuing share certificates.
It is important to ensure that the new certificate has the correct name and has the seal of the society, along with being signed by a member of the committee authorized by the committee. If the society refuses to issue a share certificate, the member can approach the registrar and share transfer agent.
The transfer of share certificate also requires the payment of a transfer premium and the submission of a conveyance deed, which is a legal document, signed by the chairman and issued by the secretary of the society. The society must ensure that the transfer of the share certificate is done within a period of six months and must be advertised in two local newspapers.
The transfer of shares must be done in accordance with the model bye-laws of the state and the rules of the society. The owner of the cooperative housing needs to pay the transfer premium to transfer shares in the cooperative housing. The society must also report the transfer of shares to the local police station.
A duplicate copy of the share certificate can be obtained free of charge from society. The society must ensure that the share certificate is issued in accordance with the total authorized share capital and the number of shares issued to its members.
FAQs
How To Add Name In Society Share Certificate – Cost
The cost of changing a name in a share certificate in Maharashtra may vary, and it is best to check with the Registrar of Co-operative Societies.
If the name has been changed on other official documents, does it need to be changed on the share certificate?
Yes, it is necessary to change the name in the share certificate as well to ensure that the updated name is legally recognized and to avoid any confusion in official transactions.
How To Add Name In Society Share Certificate In Maharashtra Online
Currently, the name change process in the share certificate in Maharashtra must be done in person at the Registrar of Co-operative Societies.
Why is it important to change my name in the Official Gazette?
Changing your name in the Official Gazette is important as it makes your new name legally recognized and enforceable by the government and other official bodies. This ensures that all legal documents, contracts, and other official records reflect your new name.
What is a Name Change Affidavit?
A Name Change Affidavit is a legal document that serves as proof of your name change and is required by the government for processing your name change application.
What is the purpose of publishing a name change ad in a newspaper?
Publish an advertisement in a newspaper to inform the public and society about your name change.
What documents do I need to submit to change my name in the Official Gazette?
To change your name in the Official Gazette, you need to submit a Name Change Affidavit and the newspaper ad publication proof to the concerned government office.
How long does it take for my name change to be published in the Official Gazette?
The time it takes for your name change to be published in the Official Gazette depends on various factors, including the government office processing times and the number of applications in the queue. If you want to know how long it will take to process your request, you should check with the local government office.
Can I change my name in the Official Gazette if I live in another country?
The process of changing your name in the Official Gazette may vary depending on the country, so it is recommended to check with the local government office or embassy for specific guidelines and regulations.
Also Read:
- How to Change Name in Share Certificate in Manipur?
- How to change Your name legally in Delhi
- How to Change name in passport in India online
- Name Change Procedure in India
- Name Change Procedure in Rajasthan
- Name Change procedure in Hyderabad
- Change Your Name Legally In Madhya Pradesh
- Name Change Procedure in Punjab
