Amendment status not verified — confirm the current text below against the official source.
(1) When any member of a co-operative society dies, his share and interest in the society shall, subject to the provisions of sections 50 and 68 and to the further provisions of this section, be transferred— (a) to the person, if any, nominated in accordance with the provisions of section 69; or (b) if there be no such nominee or, if the existence and residence of such nominee cannot be ascertained by the managing committee, or if for any other cause such transfer cannot be made without unreasonable delay, to the person who (subject to the production by him of probate, letters of administration or succession certificate) appears to the managing committee to be entitled, in accordance with the rules, to possession of such share or interest as part of the estate of the deceased member; or 198 The West Bengal Co-operative Societies Act, 1973. XXXVIII of 1973.] (Chapter VII.—Eligibility for membership of co-operative societies, and privileges, liabilities and obligations of members of co-operative societies.—Sections 71, 72.) (c) on the application of the person referred to in clause (b) within three months of the death of the deceased member, to any person specified in the application. (2) If the share or interest of the deceased cannot be legally transferred in accordance with the provisions of sub-section (1), or if the person, to whom the share or interest is payable under that sub-section within one year of the death of the deceased member, claims payment of the value of such share or interest, or if the society in accordance with the rules and by-laws decides to proceed according to this sub-section— (a) the share shall be transferred to some other person qualified in accordance with the provisions of section 68 to be the transferee of the share, on receipt from such person of the value thereof; and (b) the value of the share or interest of the deceased member, determined in accordance with the rules, shall be paid to the person nominated in accordance with the provisions of section 69 or to the person appearing to be entitled to possession of such share or interest as aforesaid, after deducting the amount of any sum payable under this Act to the society from the estate of the deceased member.