[The relevant sections of the applicable Acts have been mentioned in brackets]

1. What is nomination?

Nomination is the naming of a person (or persons) by the owner in whom the owner is desirous of his share and interest in the flat being transferred on his death.

[Section 30 of the Maharashtra Co-operative Societies Act, 1960 read with Rule 25 of the Maharashtra Co-operative Societies Rules, 1961]

2. What is the purpose of nomination?

The purpose of nomination is to give the co-operative housing society a person to deal with on the death of the owner and give the society a legally valid discharge.

3. What is the effect of nomination?

A nominee holds the flat in a fiduciary capacity, i.e. as a trustee for the legal heirs of the deceased till such time as the legal heirs are determined by the applicable succession laws.

4. Can a nomination be revoked/changed after being made?

Yes.

[Rule 25 of the Maharashtra Co-operative Societies Rules, 1961]

5. How does one transfer one’s beneficial interest in a flat in a co-operative housing society to another?

The owner of a flat may transfer his share and interest in his flat by way of gift (during his lifetime) or Will (effected after his death).

6. If the nominee is different from the beneficiary of such flat under a Will, whose right will prevail?

A nominee is merely a trustee. If the nominee in the records of the co-operative housing society is different from the beneficiary of such flat under the Will, the right of the beneficiary under the Will will prevail.

Author Bio

Qualification: LL.B / Advocate
Company: N/A
Location: Mumbai, Maharashtra, India
Member Since: 22 Oct 2020 | Total Posts: 4
I can be reached at my email id - [email protected] View Full Profile

My Published Posts

More Under Corporate Law

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

February 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728