Transfer of interest on death of a member

(1) On the death of a member the society shall transfer the share or interest of the deceased member to the person or persons nominated in accordance with the rules or, if no person has been so nominated, to such person as may appear to the Committee to be the heir or legal representative of the deceased member: Provided that such nominee, heir or legal representative, as the case may be, is admitted as the member of the society; provided further that nothing in this sub-section shall prevent a minor or a person of unsound mind from acquiring by inheritance the share or interest of a deceased member in a society. (2) Notwithstanding anything contained in sub-section (1) any such nominee, heir, or a legal representative, as the case may be require the society to pay to him the value of the share or interest of the deceased member ascertained in accordance with the Rules. (3) The society may pay all other moneys due to the deceased member from the society to such nominee, heir or legal representative, as the case may be. (4) All transfers and payments made by a society in accordance with the provisions of this section shall be valid and effectual against any demand made upon the society by any other person.