Section 40 in Mizoram Cooperative Societies Act, 2006
40. Transfer of share or interest on death of a member.
(1)Any co-operative on the death of its member shall, transfer the share or interest of such deceased member to the person(s) nominated to receive such share or interest, as per the provisions of the Act, rules or bye-laws and such member if, failed to nominate any person, the co-operative in such cases may transfer such share or interest in co-operative to the legal heir or representative of such deceased member.(2)If the nominee(s) mentioned therein or legal heirs or representatives of the deceased, so desire may require the co-operative to pay to him or them, the value of share or interests of the deceased member and on receipt of such request, the co-operative shall make the payment of share or equivalent to interest to such nominee(s) legal heirs or representatives after duly deducting the dues if any due to co-operative from the deceased member.
