Model By–Laws of Cooperative Housing Society
VII. MEMBERS, THEIR RIGHTS, RESPONSIBILITIES AND LIABILITIES
II. RIGHTS AND DUTIES OF MEMBERS
(F) Nomination by Members (ByLaw No 36)
ByLaw No 36. Payment of the value of Shares and interest of the deceased Member in the capital / property of the society to the nominee/nominees
If there is the single nominee and if he demands payment of the value of Shares and interest of the deceased Member, in the capital / property of the Society, the Society shall acquire the same and pay him the value thereof as provided under the bylaw No.63.
If, however, there are more nominees than one and if they demand payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society shall acquire the same and pay them value thereof as provided under the bylaw referred to above in the proportion mentioned in the nomination form.
If no proportion is mentioned in the nomination form, the payment shall be in equal proportions.