Transfer of Interest on the Death of a Member

PROVISIONNO. 24.0

  1. On the death of the member of a co-operative society, the society must transfer the shares of the deceased member to his nominee. If no person was nominated by him, the society shall transfer his shares to his heir or legal representative, after he has been admitted as a member. If a dispute arises about whether the heir or representative is indeed the representative of the deceased member, the case shall be referred to the Registrar, under Section 71 of this Act.
  2. Any nominee, heir or legal representative of a deceased member may require the society to pay to him the value of the share or interest of the deceased member. The society is legally bound to pay him the amount within 3 months from the expiry of the period provided in Section 25 for the continuance of liability.
  3. All co-operative societies are bound to all the dues to the nominee, heir or legal representative of a deceased member.