Provisions for nomination

(1) Every member of a co-operative housing society shall nominate a person or persons to whom the occupancy right shall be transferred in the event of his death. (2) The member shall have the right to change the nomination at any time. (3) There shall not be more than one nomination subsisting at any time. (4) On the death of the member, only occupancy right shall vest in the nominee and the succession to the property shall be governed by the law relating to succession and wills.