Transfer of interest on death of member

When a member of a Registered Society dies, his/her shares and interest in the society shall, subject to the provisions of this Act, be transferred a) To the person, if any nominated in accordance with the provision of Section 55; or b) If there is no such nominee or if the nominee is not available, or is difficult to be ascertained by the Managing Body or if for any other cause such transfer cannot be made without unreasonable delay, the transfer of interest on death of a member shall be made to the person as may appear to the Managing Body to be the legal heir or legal representative of the deceased member, provided that ninety days have elapsed from the date of the member's death and no new claim shall be entertained afterthe said period of ninety days.