Amendment status not verified — confirm the current text below against the official source.
(1) On the death of a person who is a member of Co-operative society, his share or interest in the Co-operative society shall, subject to the provisions of section 58 and 72 and to the further provisions of this section, be transferred— (a) to the nominee, if any; made under section 76; or (b) if there is no nominee or if the existence or residence of the nominee cannot be ascertained by the board or if the nominee does not claim possession of such share or interest or if for any other reason, the transfer cannot be made within one year from the date of death, to the person who (subject to the production by such person of probate, letter of administration or succession certificate issued by a competent court having jurisdiction) appears to the board to be entitled to the possession of such share and interest as per of the estate of the deceased member; or (c) on the application of the person referred to in clause (b), within one year 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 provision 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 of interest or if the Co-operative society in accordance with its by-laws decide 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 72 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 its by-laws shall be paid to the person nominated under section 76 or to the person referred to 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. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 47 The West Bengal Co-operative Societies Act, 2006. (Chapter VI.—Member of Co-operative societies and their duties, rights, accountability, Privileges and liabilities.—Sections 71-73.) Disposal of share or interest of member on expulsion or resignation or on becoming insane. Restriction on transfer of possession of, and interest in land held under Co- operative society. Disposal of share of interest of member or dissolved Co-operative society.