Section 24 in The Orissa Co-operative Societies Act, 1962
24. Transfer of interest on death of member.
(1)On the death of a member, the Society shall transfer the share or interest of the deceased member to the person or persons nominated in accordance with the rules, or, if no person has been so nominated, to such person as may appear to the committee after such enquiry as he deems fit to be the heir or legal representative of the deceased member :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 or a person suffering from any other disqualification, if any, under the Bye-Laws from acquiring by inheritance or otherwise the share or interest of a deceased member in a Society or from receiving dividend or benefit accruing in respect of such share or interest.(2)Notwithstanding anything contained in Sub-section (1) any such nominee, heir or legal representative, as the case may be, may require the Society to pay to him the value of the share or interest of the deceased member ascertained in accordance with the rules.(3)A Society may pay all other moneys due to the deceased member from the Society to such nominee, heir or legal representative, as the case may be.(4)All transfers and payments made by a Society in accordance with the provisions of this Section shall be valid and effectual against any demand made upon the Society by any other person.
