Indemnity Bond
Indemnity bond meaning
a bond indemnifying an obligee against loss that arises as a result of a failure on the part of a principal to perform as required. For example, a lease bond guarantees that a tenant will make his/her rental payments.
Why is indemnity bond needed?
An indemnity bond functions similarly to security for the bondholder. It safeguards the holder by assuring compensation, particularly in the event of a personal loss. The bond contains an agreement that protects the lender from a loss if a borrower fails to make a loan payment.
What is the benefit of an indemnity?
Indemnification is protection against loss or damage. When a contract is breached, the parties look to its indemnity clause to determine the compensation due to the aggrieved party by the non performer. The point is to restore the damaged party to where they would have been if not for the nonperformance.
Indemnity bond for loss of share certificate of housing society
FORMAT OF AFFIDAVIT FOR ISSUE OF DUPLICATE SHARES
(This Declaration is to be executed on Non- Judicial Stamp Paper of Rs.100/- and should be duly attested by Notary. This Declaration has to be executed by the legal heirs by providing self-attested copy of PAN card as identity proof.)
I/We, (name of the shareholder) jointly with (name of the first joint holder) & (name of the second joint holder), son/daughter of (for first holder) ________________________ aged ___ years, an Indian Inhabitant/NRI presently residing at _______________________________________________________________________________ for last ____ years, do hereby solemnly affirm and declare as follows:
1. I/We (name of the shareholder) jointly with (name of the joint holder(s)) is/are the registered holder(s) of the Samrat Millennium Paradise Co-Operative Housing Society, Gokul Township, Virar (West), Dist.Palghar, Maharashtra 401303 holding __________ shares under Folio No. _________ of Rs _____/- in the Housing Society and the original share certificates in respect of _______ shares as detailed below has/have been lost/destroyed/misplaced and is/are not traceable. Share Certificate No._______ Distinctive No. From_________ Distinctive No. To__________ No. of Shares_____________
2. hat (name of the shareholder) jointly with (name of the joint holder(s)) has/have not sold, transferred, pledged or otherwise disposed off the said shares.
3. I/We have searched or caused searches to be made for the said share certificate(s), but even after careful and diligent search, I/We have been unable to trace the same.
4. Since the said share certificate(s) was/were issued, I/We have not sold, mortgaged, pledged or otherwise encumbered or disposed off the said shares or parted with the possession of the said share certificates in any manner and the said shares is/are my/our absolute property to the best of my/our knowledge and belief, the said share certificate(s) has/have either been lost or destroyed or misplaced. In case at any time I/We locate the said share certificate(s) or any of them, I/We shall immediately surrender the same to the Housing Society.
5. I/We have already executed Indemnity Bond for issuing duplicate share certificate(s) in lieu of the original share certificates for the aforesaid shares held by me/us.
6. Therefore, I/We request the Secretary/Chairmen, Samrat Millennium Paradise Co-Operative Housing Society, Gokul Township, Virar (West), Dist. Palghar, Maharashtra 401303 to issue duplicate share certificate(s) in lieu of the original share certificate(s) for the aforesaid shares.
VERIFICATION
I/We am executing this declaration to be submitted to the concerned authorities of the Housing Society.
We, the above mentioned persons verify that the statements contained in the above paragraphs are true to the best of our knowledge and believe that nothing material has been concealed.
Place: Virar
Date: SIGNATURE OF DEPONENTS
APPENDIX – 18
[Under the Bye-law No. 34]
FORM OF INDEMNITY BOND
Application
for Membership by the Heir of the Deceased Member of the Society.
(To
be given on Stamp Paper of Rs. 200 or to be affixed with adhesive stamps of the
same denomination)
(To
be given where there are more nominees than one)
1. I, Shri/Shrimati ……………………………………………………… residing at ……………………………………………… an Indian inhabitant state as under:
2. Shri/Shrimati ……………………………………………………………….. residing at ………………………………… was the member of the Samrat Millennium Paradise Co-operative Housing Society Ltd, having address at Gokul Township, Virar West, Dist. Palghar, Maharasshtra 401303. She/he was holding Share Certificate No ……………………………. for ten fully paid up shares of rupees fifty each, bearing distinct numbers from ………………………………..to…………………………………………
(both inclusive).
3. The said Shri/Shrimati …………………………………………………………. was holding the flat / tenement No. ………………………… on …………………………………. floor, in the building known as; or in the building No. of the society constructed on the plot of land, bearing No situated at ……………………………………………………….
4. The said Shri/Shrimati…………………………………………………………………… had nominated the following persons under Rule 25 of the Maharashtra Co-op Societies Rules, 1961
i) Shri/Shrimati …………………………………………………………………………………………………
ii)Shri/Shrimati ………………………………………………………………………………………………….
iii) Shri/Shrimati …………………………………………………………………………………………………
iv) Shri/Shrimati …………………………………………………………………………………………………
5. I am duly authorised by the above nominees to make an application *’:-membership of the society. My name appears first in the said nomination Letter
6. The said Shri/Shrimati died on or about ………………………………………………………..
7. According to the Bye-law No. 34 of the said Society, I am entitled to make ar application for membership of the said society and for transfer of the said shares and interest of the said deceased member in the said flat / tenement to my names Accordingly, I have made an application for membership of the said society and for transfer of the shares and the interest of the said deceased member in the said, flat tenement to my name.
8. I hereby indemnify and keep indemnified the said society and its office-bearers -against any claim, demand, suit or other legal proceedings by other nominee/nominees claiming either lawfully and/or equitably through the said deceased Shri/Shrimati ………………………………………. and shall see that the said society and its office bearers are not put to losses.
I further declare and undertake to bear all expenses, costs, charges in respect of any such claim, demand, suit and/or legal proceedings which may be filed by other nominee/ nominees either lawfully and/or equitably claiming through the said deceased member of the society.
9. I am fully aware of the fact that the society admits me as its member in place of the said deceased member of the society only on the basis of the indemnity and undertaking furnished by me.
Place:
Date: Signature of Applicant …………………………………..
Signature of nominees other than applicant
1)………………………………………………………
2)………………………………………………………
3)………………………………………………………
Witnesses:-
1) Name ……………………………………………………
Signature of the Witness
Address ……………………………………………………..
2) Name ……………………………………………………
Signature of the Witness
Address ……………………………………………………..
Place:
Date:
FORMAT F INDEMNITY BOND
APPENDIX – 19
[Under the Bye-law No. 35]
FORM OF INDEMNITY BOND
Application
for Membership by the Heir of the Deceased Member of the Society.
(To
be given on Stamp Paper of Rs. 200 or to be affixed with adhesive stamps of the
same denomination)
(To
be given where there is no nomination)
1. I, Shri/Shrimati ……………………………………………………….. of …………………………….. Indian inhabitant state as under.
2. Shri/Shrimati ……………………………………………………. residing at ………………………………..who was the member of the
Cooperative Housing Society Ltd. having address at …………………………………………………… died on or about
3. The said Shri/ Shrimati ………………………………………………………………. had not made a nomination as provided under Rule 25 of the Maharashtra Co-operative Societies Rules 1961.
4. The said Shri/Shrimati ………………………………………….. was holding the share certificate No. …………………………………………… for ten fully paid up shares of Rupees Fifty each, bearing distinctive number from ………………………..to……………………………… (both inclusive)
5. The said Shri/ Shrimati ………………………………………………. Was holding the flat / tenement no. ………………………………………………… on ……………………………………………. floor, in the building of the society known as…………………………………….. or in the building No constructed on the plot of land bearing no ………………………………………
situated at ………………………………………..
6. The said Shri/Shrimati …………………………………………………………….. has left behind me as his/her only
heir/the following heirs :
i) Shri/Shrimati …………………………………………………………………………………………………
ii) Shri/Shrimati ………………………………………………………………………………………………….
iii) Shri/Shrimati …………………………………………………………………………………………………
iv) Shri/Shrimati …………………………………………………………………………………………………
As I am the only heir of the deceased Shri/Shrimati ……….. ……………… I inherit his/her shares, and his/her interest in
the said tenement. According to the bye-law No. 35 of the bye-laws of the said society, I am entitled to make an application for membership of the said society and for transfer of the said shares and interest of the said deceased
member in the said flat / tenement to my name. Accordingly, I have made an application for transfer of the said shares and the interest of the said deceased member in the said flat to my name.
OR
According to the bye-law No 35 of the bye laws’ of the society, all the above heirs have jointly made an affidavit, and
have suggested my name to make an application for membership of the said society and for transfer of the said shares and the interest of the said deceased member in the said flat / tenement/ plot of land to my name. Accordingly I have made application for membership of the said society and for transfer of the said shares and the interest of the deceased member in the said flat / tenement to my name.
7. I hereby indemnify and keep indemnified the said society and its office-bearers against any claim demand, suit or other legal proceedings by any other heir/heirs, either lawfully and/or equitably through the said deceased Shri/Shrimati. …………………………………….. and shall see that the said society and its office bearers are not put to losses. I further declare and undertake to bear all expenses, costs, charges in respect of any such claim, demand, suit and/or legal proceedings which may be filed by any other heir/heirs either lawfully and/or equitably claiming through the said deceased member of the society.
8. I am fully aware of the fact that the society admits me as its member in place of the said deceased member of the society only on the basis of the indemnity and undertaking furnished by me. Signatures
Place:
Date: Signature of Applicant …………………………………..
Signature of nominees other than applicant
1)………………………………………………………
2)………………………………………………………
3)………………………………………………………
Witnesses:-
1)
Name …………………………………………………… 1) Signature of the Witness
Address ……………………………………………………..
…………………………………………………………………..
2) Name …………………………………………………… 2) Signature of the Witness
Address ……………………………………………………..
…………………………………………………………………..
Place: