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 37)
ByLaw No 37. Payment of the value of Shares and interest of the deceased Member in the capital / property of the Society to the heir / Legal Representative
If, in the opinion of the Committee, there is only one heir / legal representative of the deceased Member and if he demands payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay him the value thereof as provided under the bylaw No. 63 after obtaining the indemnity bond referred to in the bylaw No. 34.
If, in the opinion of the Committee, there are more heirs/legal representatives than one and if they demand payment of the value of Shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay them value thereof in equal proportion as provided under the bylaw No. 66, after obtaining the Indemnity Bond referred to in the bylaw No. 35, from all the heirs/legal representatives jointly.