Transfer of shares to nominee in case of member's death is it legal

642 votes

sec 30 of the Maharashtra Co-operative Society Act 1960 deals with the provision of transfer of interest which is as under sec 30 (1) - On the death of a member of a society , the society shall transfer the share or interest of the decease of member to a 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 to the heir or legal representative of the deceased member , provided that such nominee ,heir or legal representative as the case may be duly admitted as a member of the society. MCSRule 25 sec 3 - where a member of a society has not made any nomination, the society shall on themember's death by a public notice exhibited at the office of the society, invite claims or objections for the proposed transfer of the share or interest for the proposed transfer of the share or interesy of the deceasef within the time specifief in the notice. After taking into consideration the claim or objection received in reply to the notice or otherwise & after making such inquiries as committee consider proper in the circumstances prevailing the committee shall decide as to the person who inits opinion is the heir or the legal representative of the deceased member & proceed to take action under sec 30

Advocate Meena Chaudhari LawRato

888 votes

As per your query

In case the deceased person prior to his death has appointed nominee of his shares, the society can transfer the shares in the name of name of said nominee. However in case of any dispute the society can ask for the heir ship certificate to be issued by the competent court.

Advocate Neelkanth Goswami LawRato