Section 18Part 3 — Duties and Privileges of Societies
Power of nomination
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A member of a registered society may, by instrument in writing signed by such member in the presence of two attesting witnesses and delivered at or sent to the registered office of the society during the lifetime of such member or made in any book kept thereat, nominate any person or persons to or among whom there shall be transferred at that person’s death such property in the society as may be that person’s at the time of that person’s decease, or as may have accrued thereon, whether in shares, loans or deposits or so much thereof as is specified in such nomination, if the nomination does not comprise the whole: Provided that no member of a registered society with share capital shall be entitled to nominate more than one person unless such member holds more than one share.
A nomination so made may be revoked or varied by a subsequent nomination signed, attested and delivered, or sent or made as aforesaid, or by any similar document in the nature of a revocation or variation signed by the nominator in the presence of two attesting witnesses and delivered, sent or made as aforesaid, but shall not be revocable or variable by the will of the nominator or by any codicil thereto.
The society shall keep a book wherein the names of all persons so nominated and all revocations or variations, if any, of such nominations shall be recorded.