Amendment status not verified — confirm the current text below against the official source.
Transfer of interest on death of member.- (1) On the death of a member of a co-operative society, the society shall transfer the share or interest of the deceased member,— (a) to the person or persons nominated in accordance with the rules and if the nomination subsists; or (b) if no person has been so nominated or the nomination does not subsist, (i) where the share or interest of the deceased member does not exceed 1 [one lakh rupees] 1 , to such persons as may appear to the *board* to be the heirs or legal representatives of the deceased member, on the execution by such persons of an indemnity bond with such sureties as it may require;