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Co-Operative Societies Act 2008

96. Transfer of shares of a member of unsound mind

1.      Where a member or person claiming through registered society has become of unsound mind or incapable of managing his affairs and no committee, receiver or guardian has been appointed, the society may, subject to this section and section 95 transfer the share or interest of such member to any person nominated by such member for the purposes of section 100 or may pay to the person nominated a sum representing the value of the share or interest of such member ascertained in accordance with subsection (5).

2.      Subject to subsection (3), if no nominee has been appointed, the society may pay a sum representing the value of the memberís share or interest to the Registrar of the High Court.

3.      If the value of the share or interest does not exceed $100 the Board may, subject to any conditions it thinks fit, pay the whole or any portion of such sum to the person who appears to have the care of such member or the management of his affairs.

4.      All transfers and payments made by a registered society in accordance with this section shall be valid and effective against any demand made upon the society by any person.

5.      For the purposes of this section and section 94, the value of any share or interest shall be represented by the sum actually paid for that share or interest by the member holding it unless the by- the society otherwise provide; and where the benefits of group insurance have accrued on such share or interest, the value of such benefits shall be the amount actually received by the society on the account of the deceased member.

Cooperative Societies Act, 2008 Back

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