Section 23(4) in The Orissa Co-operative Societies Rules, 1965
(4)(i)A member of Society may nominate in writing any person to whom or to whose credit the share or interest or the value of such share or interest shall, on his death, be paid or transferred under the provision of the Act : Provided such member may from time to time revoke or vary such nomination in writing.(ii)Such nomination shall, in the event of his death, be given effect to by Society provided that -(a)the nomination in writing has been signed by the deceased in the presence of at least two witnesses, attesting the same;(b)the nomination has been registered in the books of the Society kept for the purpose.(iii)The number of persons who may be nominated by a member shall not exceed the number of shares held by him.(iv)When member nominates more than one person in respect of any share held by him he shall as far as practicable specify the amount to be paid or transferred to such nominee in terms of a whole share.(v)The nominee, heir or legal representative may become a member only if admitted by the Committee.(vi)If the nominee or heir or legal representative does not want to become a member or is refused membership, the value of the share or the interest payable to him shall be paid after adjusting all moneys due from the deceased member.
