TNCOS Rules 43Chapter IV · Members of Co-Operative Societies their Rights and Liabilities

Section 43 · Transfer or refund of share or interest in the capital on death of a member

(1)

(a)

Where a nomination has been made by member in accordance with rule 42, the society shall, within ninety days from the date of knowledge of the death of the member, by notice in writing, require the nominee to state within thirty days from the date of receipt of the notice whether he desires-

(i)the transfer of the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member in his name; or

(ii)to receive the value of the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member.

(b)

(i)Where no nomination has been made within ninety days from the dale of knowledge of death of the member, or

(ii)Where the nominee is also dead and the death of the nominee is known after the issue of the notice to the nominee, within ninety days from the date of knowledge of the death of the nominee, the society shall, by a notice exhibited at the office of the society, invite claims for the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member within thirty days, from the date of such notice. After taking into consideration the claims so received, if any, and after making such enquiries as the board may consider necessary, the board shall decide the person who, in its opinion, is the heir or legal representative of the deceased member.

Thereupon, the society shall issue notice to the said heir or legal representative, as the case may be, to state within thirty days from the date of receipt of the notice whether he desires-

(A)

the transfer of the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member in his name; or

(B)

to receive the value of the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member.

(2)

Where the nominee, heir or legal representative, as the case may be, is not eligible for admission as a member, or where such nominee, heir or legal representative, as the case may be, so requires or where the nominee, heir or legal representative, as the case may be, has not given reply to the notice issued by the society under sub-rule (1) within the time specified therein, the society shall issue notice to the nominee, heir or legal representative, as the case may be, to receive the value of the share or interest of the deceased member in the capital of the society ascertained in accordance with rule 44, and all other moneys due to the deceased member within thirty days from the date of receipt of the said notice.

(3)

If the nominee, heir or legal representative, as the case may be, fails to receive the value of the share or interest of the deceased member in the capital of the society and other moneys due to the said deceased member within the time specified in sub-rule (2), the society shall forthwith credit such amount to a suspense account.

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