Section 30, Goa Co-operative Societies Act, 2001

Section 30: Transmission of interest on death of member

The Goa Co-operative Societies Act, 2001State Act of Goa · Act 36 of 2001

(1) On the death of a member of a society, the society shall transmit the share or interest of the deceased member to a person or persons nominated, or to such person as may appear to the Board of Directors to be the heir or legal representative of the deceased member:

Provided that, such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society.

-19-

Provided further that nothing contained in this sub-section or in section 21 shall prevent a minor or person of unsound mind from acquiring by inheritance or otherwise, any share or interest of a deceased member in a society.

(2) Notwithstanding anything contained in sub-section (1), any such nominee, heir or legal representative, as the case may be, may require the society to pay to him the value of the share or interest of the deceased member, ascertained in accordance with the rules.

(3) A society may pay all other moneys due to the deceased member from the society to such nominee, heir or legal representative, as the case may be.

(4) All transfers and payments duly made by a society in accordance with the provisions of this section shall be valid and effectual against any demand made upon the society by any other person.

Where this provision sits

Act	The Goa Co-operative Societies Act, 2001
Section	30
Marginal note	Transmission of interest on death of member
Jurisdiction	State of Goa
Status	In force as published by the source

Act

The Goa Co-operative Societies Act, 2001

Section

Marginal note

Transmission of interest on death of member

Jurisdiction

State of Goa

Status

In force as published by the source

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