Amendment status not verified — confirm the current text below against the official source.
When a member of a registered society dies, his shares and interest in the society shall, subject to the provisions of this Act, be transferred - (a) to the person, if any nominated in accordance with the provision of section55 ; or (b) if there is no such nominee or if the nominee is not available, or is difficult to be ascertained by the managing body, or if for any other cause such transfer cannot be made without unreasonable delay, the transfer of interest on death of a member shall be made to the person as may appear to the managing body to be the legal heir or legal representative of the deceased member, provided that ninety days have elapsed from the date of the member’s death and no new claim shall be entertained after the said period of ninety days. 57 When a member of a registered society is expelled or withdraws or otherwise ceases to be a member under this Act, rules or bye-laws ,his share or interest shall be transferred to his nominee or to another eligible person, and the value thereon, determined in accordance with the rules, shall be paid to such ceased member if his share or interest is not forfeited under the provisions of this Act, rules or bye-laws or if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act,1912 , provided that if there is no eligible transferee and if the bye-laws of the society so provide, the value of his share or interest determined in accordance with the bye-laws shall be paid to him or, if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act, 1912.