FORUM
Registering under Societies Act
WILL YOU please elucidate the advantages and disadvantages of flat associations getting themselves registered under the Societies Act?
V.S.Jayaraman, Chennai-17.
Mr.R.L.Narayanan replies: The query is not clear. If you are referring to the advantages of registering the Society against having an unregistered association, the following, amongst others, will be available to a registered society or association.
The society can sue and be sued in its name and the members will not have any individual liability or obligations. The clauses and other provisions contained in a registered Association may not be disputed by the members.
The formalities requiring for registration are such that unless the bye-laws cover every aspect as provided under the Act, the same will not be registered and the Association, when registered, will have comprehensive clauses that will meet the requirements of the affairs of the Association on a day to day basis.
The accounts and certain other affairs of the Society can be inspected by authorised and objective officers like the Registrar of Societies before whom certain returns are to be filed.
On the whole, the bye-laws, when registered, provide for a more orderly and systematic approach to various aspects touching the affairs of the Society. There are other advantages as well and I have only given a few aspects.
Settlement deed
Referring to your reply in The Hindu Propertyplus dated September 9 I have some important queries:
What is a settlement deed? Can I write the same just like will? On what stamp paper it should be written? Any denomination of stamp paper defined just like Power of Attorney etc or the Registrar to prescribe?
I have to give my property to three of my children. Can I make Settlement Deed in respect of each? Is it to be attested by two witnesses like a will? Can it be registered in any Registrar office in Tamil Nadu or only at the Registrar Office of the property? How is it different from Gift Deed?
S.Visvanathan, Chennai-88
Mr. Narayanan replies: A settlement deed is a gift to permitted members in the family. The stamp duty is 1% of the market value of the property subject to a maximum of Rs. 10,000, if the settlement deed is executed in favour of the family members viz, father, mother, wife, son, daughter, grandchildren. You can execute separate settlement deeds in favour of your children.
It has to be attested by two witnesses.
You can consult your advocate on the wordings and the formalities relating to registration.
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