Section 26: Transfer of interest on death of member

Madhya Pradesh Co-Operative Societies Act, 1960State Act of Madhya Pradesh · Act 17 of 1960

(1) On the death of a member, a society may transfer the share or interest of the deceased member to the person nominated in accordance with the rules made in this behalf, or if there is no person so nominated, to such person as may appear to the Committee to be the heir or legal representative of the deceased member, or pay to such nominee, heir or legal representative, as the case may be, a sum representing the value of such member's interest, as ascertained in accordance with rules or bye-laws.

(2) 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.

(3) All transfers and payments 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	Madhya Pradesh Co-Operative Societies Act, 1960
Section	26
Marginal note	Transfer of interest on death of member
Jurisdiction	State of Madhya Pradesh
Status	In force as published by the source

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