Short Answer

Yes, members are entitled to receive a share certificate for the new building in the same manner as the old.

Detailed Explanation

Section 34 of the Gujarat Cooperative Societies Act, 1961 states that every member of a cooperative society shall be entitled to receive a share certificate specifying the shares held by him in the society. This means that when a cooperative society undergoes redevelopment or structural repairs resulting in a new building, the members should receive a share certificate for their ownership in the new structure, similar to the one they had for the old building.

In practice, this provision ensures that the members' ownership rights are properly documented and recognized in the cooperative society. When a new building is constructed through redevelopment or repairs, the society must issue updated share certificates reflecting the members' share in the new property. This helps in maintaining transparency and clarity regarding the ownership structure within the society.

For example, if a cooperative housing society decides to demolish and reconstruct its old building due to structural issues, each member should receive a revised share certificate indicating their ownership in the newly constructed building. This process ensures that members' rights are protected and acknowledged in the redeveloped property.

Another scenario could be when a cooperative society opts for major structural repairs to enhance the safety and aesthetics of the existing building. In such cases, the society must issue updated share certificates to its members reflecting their ownership in the renovated structure, maintaining legal compliance and clarity in ownership rights.

Overall, the provision under Section 34 of the Gujarat Cooperative Societies Act, 1961 ensures that members receive share certificates for their ownership in the new building resulting from redevelopment or structural repairs, similar to the old structure, thereby safeguarding their rights and interests within the cooperative society.

References

• Section 34 of the Gujarat Cooperative Societies Act, 1961: Official PDF