Amendment status not verified — confirm the current text below against the official source.
Transfer of interest on death of member.-(1) A registered society, may on the death of a member, transfer his share or interest in the capital of the society to the person nominated in accordance with the rules or, if there is no person so nominated, to such person as may appear to the society or, managing committee to be the heir or legal representative, as the case may be, a sum representing the value of such member's share or interest, as ascertained in accordance with the rules or bye-law; Provided that- (i) In the case of society with unlimited liability, such nominee, heir or legal representative as the case may be, may require payment by the society of the value of the share or interest of the deceased member ascertained, after, deducting the amount of any charge existing under section 22; (ii) in the case of society with limited liability, the society shall transfer, subject + to any charge existing under section 22, the share or interest of the deceased, member to such nominee, heir or legal representative, as the case may be, being qualified in accordance with the rules and bye-laws for membership of the society or in his application within three months of the death of the deceased member, to any person specified in the application who is so qualified: Provided further that no payment of sum in excess of rupees one hundred shall be made to any such heir or legal representative who has not been nominated in accordance with the rule, until after the decision under section 48 of any claim which may, within that period, be made by any other person. (2) Subject as aforesaid, a registered society may pay all other money due to deceased member from the society to such nominee, heir or legal representative, as the case may be. : (3) All transfers and payments, made by a registered society in accordance with the provisions of the section shall be valid and effectual against any demand made upon the society by other person. '[24A. Power of Registrar to sanction compromise between a registered society and its creditors.-(1) Notwithstanding anything contained in this Act, where a compromise or arrangement is proposed between a registered society and its creditors or any class of them, the Registrar may on the application in a summary way of the society or of any creditor, or in the case of society in respect of which an order of winding up has been passed, if the liquidator, order a meeting of the creditors or class of creditors as the case may be, to be called, held and conducted in such manner as may be prescribed by rules. (2) If a majority in number representing three-fourths in value of the creditors, or class of creditors, as the case may be present either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by an order of the Registrar, be binding on all the creditors or the class of creditors as the case may be and also on the society, in the case of a society in respect of which an order of winding up has been passed, on the luquidator and on all persons who have been or may be required by the liquidator acting under clause (c) of sub-section (3) of section 44 to contribute to the assets of the society.) (3) If at any time it appears to the Registrar that it is expedient that any compromise or arrangement between a registered society and its creditors or any