Amendment status not verified — confirm the current text below against the official source.
Transfer of interest on death of a member.- (1) On the death of a member of a society, the society shall transfer the share or interest of the deceased member to a person or persons nominated in accordance with rules or if no person has been nominated, to such person as may appear to the committee to be the heir or legal representative of the deceased member: Provided that such nominee, heir or legal representative, as the case may be, is admitted as a member of the society: Provided further that nothing in this sub-section shall prevent a minor or a person of unsound mind from acquiring by inheritance or otherwise the share or interest of a deceased member in a co-operative society. (2) Notwithstanding anything contained in sub section (1), any such nominee heir or legal representative, as the case may be, may require the society to pay to him the value of the share or interest of the deceased member ascertained in accordance with the rules. (3) A Society may pay all other moneys due to the deceased member from the society to such nominee, heir or legal representative, as the case may be. (4) All transfers and payments made by a society in accordance with the provisions of this section shall be valid and effectual against any demand made upon the society by any other person.