(1) On the death of a member of a society, the society shall transfer the share or interest of the deceased member to a person or persons nominated in accordance with the rules or, if no person has been so nominated, to such person as may appear to the committee 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:
Provided further that, nothing in this sub-section or in section 22 shall prevent a minor or a 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.
1 These words were substituted for the words “five thousand rupees” by Mah. 20 of 1986, s. 16.
2 This portion was substituted for the words “by the society” by Mah. 20 of 1986, s. 17.
3 The Explanation was renumbered as Explanation I and Explanation II was added by Mah. 33 of 1963, s. 6.
4 The Explanation was renumbered as Explanation I and Explanation II was added by Mah. 33 of 1963, s. 6.
5 These figures, letters and words were substituted for the figures, letters and words “30th June” by Mah. 13 of 1994, s. 3.
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 35
(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.