Section 24(1) in Karnataka Co-Operative Societies Act, 1959
(1)On the death of a member of a co-operative society, the society shall transfer the share or interest of the deceased member,-(a)to the person or persons nominated in accordance with the rules and if the nomination subsists; or(b)if no person has been so nominated or the nomination does not subsist,(i)where the share or interest of the deceased member does not exceed [one lakh rupees] [Substituted by Act 25 of 1998 w.e.f. 15.08.1998.], to such persons as may appear to the Committee to be the heirs or legal representatives of the deceased member, on the execution by such persons of an indemnity bond with such sureties as it may require;(ii)where the share or interest of the deceased member exceeds [one lakh rupees] [Substituted by Act 25 of 1998 w.e.f. 15.08.1998.], to such person or persons as produce a succession certificate or other legal authority granted by a competent court of law:Provided that such nominee, heir or legal representative as the case may be, is admitted as a 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 or otherwise the share or interest of a deceased member in a co-operative society.
