Amendment status not verified — confirm the current text below against the official source.
(1) On the death of a member of a co-operative society his share or interest in the co-operative society shall, subject to the provisions of sections 57 and 78 and to the further provisions of this section, be transferred— (a) to the person, if any, nominated under section 79; or Nomination of transferee. Disposal of deceased member's share or interest. 355 The West Bengal Co-operative Societies Act, 1983. Disposal of share or interest of expelled, resigned or insane member. [West Ben. Act (Chapter VIIL—Eligibility for membership and privileges, liabilities and obligations of members.—Section 81.) (b) if there is no nominee or if the existence or residence of the nominee cannot be ascertained by the board or if, for any other cause, the transfer cannot be made without unreasonable delay, to the person who (subject to the production by such person of probate, letter of administration or succession certificate) appears to the board to be entitled in accordance with the rules to the possession of such share or interest as part of the estate of the deceased member; or (c) on the application of the person referred to in clause (b) within three months from the date of death of the member, to such person as may be specified in the application. (2) If the share or interest of a deceased member cannot be transferred in accordance with the provisions of sub-section (1) or if the person to whom such share or interest is payable under that sub-section claims payment of the value of such share or interest or if the co-operative society in accordance with the rules and its by-laws decides to proceed under this sub-section,— (a) the share shall be transferred to a person qualified to be a transferee of the share under section 78 on receipt of the value of the share from such person; and (b) the value of the share or the interest of the deceased member determined in accordance with the rules shall be paid to the person nominated under section 79 or to the person referred to in clause (b) of sub-section (1) of this section after deducting the amount payable under this Act to the co- operative society from the estate of the deceased member.