s.19Transfer or payment of value of interest on death of member
19
Section 19Part 3 — Duties and Privileges of Societies

Transfer or payment of value of interest on death of member

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On the death of a member, a registered society shall, subject to subsections (2) and (3) —
transfer to any person nominated in accordance with section 18 the property of the deceased member or such property as may have accrued thereon, comprised in the nomination in manner directed by the nomination, or pay to every person entitled thereunder the full value of the property given to that person; and
transfer to the personal representatives of the deceased member any property of the deceased member in the society, or such property as may have accrued thereon, not comprised in any nomination, or pay to the personal representatives the full value of such property.
Any person entitled, under subsection (1), to receive property or payment of the value thereof from a society with unlimited liability may require payment by the society of the value of such property.
Any share or interest of a deceased member of a society with limited liability may be transferred by the society to —
the person entitled thereto under subsection (1), if such person is qualified to be a member of the society; or
any other person qualified to be a member of the society and specified, within six months of the death of the deceased member, in an application by the person entitled thereto under subsection (1).
All transfers and payments made by a registered society under this section shall be valid and effectual against any demand made upon the society by any other person.

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