(1) No transfer of shares shall be effective unless:
(a) It is made in accordance with the provisions of bye-laws;
(b) A clear fifteen days notice in writing is given to the society indicating therein the name of the proposed transferee his consent, his application for membership, where necessary, and the value proposed to be paid by the transferee;
(c) All liabilities of the transferor due to the society are discharged;
and
(d) The transfer is registered in the books of the society.
(2) Any charge in favour of the society on the share so transferred will continue unless discharged otherwise.
25.(1) For the purpose of transfer of his share or interest under subsection (1) of section 30, a member of a society may, by a document signed by him or by making a statement in any book kept for the purpose by the society, nominate any person or persons. Where the nomination is made by a document, such document shall be deposited with the society Valuation of shares.
Procedure for transfer of shares.
Nomination of persons.
22 during the member's life time and where the nomination is made by a statement, such statement shall be signed by the member and attested by one witness.
(2) The nomination made under sub-rule (1) may be revoked or varied by any other nomination made in accordance with that sub-rule.
(3) (i) where a member of a society has not made any nomination, the society shall, on the member's death, by a public notice exhibited at the office of the society, invite claims or objections for the proposed transfer of the share or interest of the deceased within the time specified in the notice.
(ii) After taking into consideration the claim or objections received in reply to the notice or otherwise, and after making such inquires as the committee considers proper in the circumstances prevailing, the committee shall decide as to the person who in its opinion is the heir or the legal representative of the deceased member and proceed to take action under section 30.
26. The name and address of every person nominated for the purposes of sub-section (1) of section 30 and any revocation or variation of such nomination shall be entered in the register kept under rule 32.