Amendment status not verified — confirm the current text below against the official source.
Nomination of heir:- (1) Every member of a co-operative society shall nominate a person or persons to whom his share or interest referred to in section 21 or such sums out of share or interest as may be specified by the member, shall, on the death of the member be transferred or paid as laid down in the bye-laws. (2) Such nomination may, from time to time, be revoked or modified by the member. (3) The number of persons who may be nominated by a member shall not exceed the number of shares held by him. (4) When a member of a co-operative society nominates more than one person, he shall, as far as practicable, specify the amount to be paid or transferred to each nominee in terms of whole share and the interest accruing thereon. (5) The record of nomination shall be kept by a co-operative society in such manner as may be laid down in the bye-laws. (6) The value of the share or interest transferred or paid to a nominee or nominees shall be determined on the basis of the sum paid by the member to acquire such share or interest, unless the bye-laws of the co-operative society provide for calculation on different basis.