(1) Every member of a co-operative housing society shall nominate a person or persons to whom in the event of his death his right and interest in such cooperative housing society shall be transferred.
(2) The member of the co-operative housing society shall have right to change the nomination at any time.
(3) There shall not be more than one nomination subsisting at any time:
Provided that joint and more than one nomination within the blood relation shall be permissible.
Restriction on transfer of share or interest of a member.
79. Subject to the provisions of this Act, in the case of a co-operative housing society, no transfer of share or interest of a member or the occupancy right, except the transfer to his heir or a nominee, shall be effective, unless -
(a) the previous permission of the co-operative housing society has been obtained * by the transferor;
(b) the dues of the co-operative housing society are paid or transferred to the transferee with the consent of the co-operative housing society;
(c) the transferor vacates and gives possession of the premises to the transferee;
and
(d) the transferee applies and acquires membership of the co-operative society :
Provided that the transfer of share or interest in respect of lease hold properties shall be governed by the terms of the lease.
Permission for transfer of occupancy right not to be ordinarily refused and provision for appeal.