Case Law Details
Case Name : Indrani Wahi V/S. Registrar of Co-Operative Societies & Ors. (Supreme Court)
Related Assessment Year :
Courts :
Supreme Court of India
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Cooperative Hsg. Society bound to transfer membership in the name of nominee but it is open to other family members to pursue case of succession or inheritance.
1. Biswa Ranjan Sengupta (hereinafter referred to as ‘the appellant’s father’), was admitted as a member of the Sarbar View Cooperative Housing Society Limited (hereinafter referred to as ‘the Cooperative Society’), against Flat No.4-RB 2/3, Purbachal Housing Estate, Phase-II, Sector-III, Salt Lake City, Kolkatta. He (Biswa Ranjan Sengupta) had married Parul Sengupta. Out of the above wedlock, there were t...
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the MAHARASHTRA CO OPERATIVE SOCIETY ACT 1960 (MSC ACT1960) & NEW BYE LAWS ISSUED BY REGISTRAR SAYS THAT NOMINEE IS TRUSTEE AND NOT OWNER
Very comprehensive judgement of the SC that makes it clear in paras 12 and 20 of the article, that the nominee of a life insurance policy or the nominee of shares in a cooperative housing society shall, on the death of the insured person/shareholder, be entitled to have the amount paid/shares transferred to the nomine, but that the ownership of the policy amount/to the flat, is to be decided by the laws of succession applicable.
Thank you for posting this important judgement,