HCOS Rules 21अध्याय III · Members of Co-operative Societies, their rights and liabilities

धारा 21 · Nomination of heir. [Section 131(2)(xxi)]

(1)

Every member of a co- operative society shall nominate a person or persons to whom his share or interest referred to in section 23 or such sums out of share or interest as may be specified by the member, shall on the death of the member be transferred or paid as laid down in the bye-laws.

(2)

Such nomination may, from time to time, be revoked or modified by the member.

(3)

The number of persons who may be nominated by a member shall not exceed the number of shares held by him.

(4)

When a member of a co-operative society nominates more than one person, he shall, as far as practicable specify the amount to be paid or transferred to such nominee in terms of whole share and the interest accruing therein.

(5)

The record of nominations shall be kept by a co-operative society in such manner as may be laid down in the bye-laws.

(6)

The value of the share or interest transferred or paid to a nominee or nominees shall be determined on the basis of the sum actually paid by the member to acquire such share or interest.

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