Section 24(1) in Jharkhand Co-operative Societies Act, 2008
(1)A registered society, may on the death of a member, transfer his share or interest in the capital of the society to the person nominated in accordance with the Rules or, if there is no person so nominated, to such person as may appear to the society or, managing committee to be an heir or legal representative, as per law for the time being in force.Provided that -(i)In the case of 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, after, deducting the amount of any charge existing under section 22;(ii)In the case of society with limited liability, the society shall transfer, subject to any charge existing under section 22, 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 in his application within three months of the death of the deceased member, to any person specified in the application within three months of the death of the deceased member, to any person specified in the application who is so qualified:Provided further that no payment of sum in excess of rupees one thousand shall be made to any such heir or legal representative who has not been nominated in accordance with the rule, until after the decision under section 48 of any claim which may, within that period, be made by any other person.
