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[Cites 0, Cited by 0] [Section 23] [Entire Act]

State of Haryana - Subsection

Section 23(1) in Haryana Co-operative Societies Act, 1984

(1)On the death of a member, a co-operative society may transfer the share or interest of the deceased member to the person nominated in accordance with the rules made in this behalf and if there is no person so nominated, to such person as may appear to the committee to be the heir or legal representative of the deceased member or pay to such committee, heir or legal representative, as the case may be, a sum representing the value of such member's share or interest are ascertained in accordance with the rules or bye-laws :Provided that -
(i)in the case of a co-operative society with unlimited liability, such nominee, heir or legal representative, as the case may be, may require payment by the society of the value of the share or interest of the deceased member ascertained as aforesaid;
(ii)in the case of a co-operative society with limited liability, the society shall transfer the share or interest of the deceased member to such nominee, heir or legal representative, as the case may be, being qualified in accordance with the rules and bye laws for membership of the society, or on his application within one month of the death of the deceased member, to any person specified in the application who is so qualified;
(iii)no such transfer or payment shall be made except with the consent of the nominee, heir or legal representative, as the case may be.