(1) A member of a co-operative society may nominate a person or persons to whom in the event of his death, his share or interest in the capital of the society shall be transferred or the value thereof or any other moneys due to him from the society shall be paid. Such member may, from time to time, revoke or vary such nomination.
(2) The number of persons who may be nominated by a member shall not exceed the number of shares held by the member.
(3) When a member nominates more than one person in respect of any shares held by him, he shall, as far as practicable, specify the amount to be paid or transferred to each nominee in terms of a whole share.
(4) A nomination made by a member under this rule shall not be valid and shall not, in the event of the death of the member, have effect, unless :-
(a) it is made in writing and is signed by the member in the presence of atleast two witnesses; and
(b) it is registered in the books of the society kept for the purpose.
2 Deleted by G.S.R. 53 dated 10.7.2017, published in Raj. Gazette E.O. part 4(x) (I) dated 10.7.2017, come in to force at once.
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