(a) When a member of a co-operative society dies without making a nomination, the society shall, by a public notice exhibited at the office of the society, invite, within the time specified in the notice, claims or objections for the proposed transfer of the share or interest of the deceased member or payment of the value of the share or interest and all other moneys due to the deceased member to his heir or legal representative.
(b) If no dispute arises about the claim of the person who appears to the committee of management to be the heir or legal representative of the deceased member, the committee of management shall transfer the share or interest of the deceased member or pay the value of the share or interest and all other money due to the deceased member to such aperson.
(c) If no claim is preferred within the time specified in the notice mentioned in subrule(a), the society shall continue to hold the amount until the expiry of the period of limitation provided under the Limitation Act, 1963, for any action in respect of the claim. After the expiry of the said period of limitation, the society shall credit the amount to the share transfer fund and in the absence of such a fund, to the reserve fund. No claim for payment shall be entertained after the expiry of the period oflimitation.
(d) If any dispute arises about the claim of any person to be the heir or legal representative of the deceased member, the society shall inform the claimants about the facts of the dispute having arisen and shall ask the parties to have the dispute settled in accordance with second proviso to sub-section (1) of Section
24. In case the parties fail to refer their case to the Registrar within one month from the date of the aforesaid communication from the society, the society shall itself refer the matter to the Registrar and take action in accordance with the saidproviso.
(e) No payment of the value of the share or interest or other moneys due to a deceased member, shall be made to his heir or nominee or legal representative by the society unless the society obtains receipt of such payment duly attested by two witnesses from amongst the members of the society.