Every member shall nominate in writing at least one person to whom upon his/her death his/her shares, money, deposits or any interest and dividend shall be transferred or paid. The nomination shall be assigned by a member in the presence of one attesting witness On the death of a member or if he is certified to be of an unsound mind, his/her nominee, if eligible for membership under these by-laws, may apply and be admitted as a full member and shall acquire all assets and rights and assume all debts and liabilities of the member by whom he was nominated.
If ineligible only on grounds of age, such nominee may if s/he so wishes be granted all the rights and liabilities of membership of the deceased member, except the right to vote which right s/he may not have until s/he attains the age of 18 years.
If the nominee does not wish to become a member s/he may be paid within 60 days all sums due to him as nominee.
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Payment to nominee:
In the event of the death of a member, the society, after satisfying itself and after obtaining such documentary proof of the death of a member as it may consider necessary, shall transfer to nominee(s) the value of the deceased member’s shares, deposits, interests and dividends after deducting such sums as may be due by the member to the Society as soon as possible. If for any reason on the death of a member a nominee does not exist, the society may pay money due to the deceased member to the personal representative or recognized heirs of the deceased member.
Discharge of nominee:
After paying the nominee(s) the value of the deceased member’s shares, deposits or interest, less any sums due by the latter to the society the nominee’s(s) obligations to the society shall be discharged