Tuesday, 28 August 2018

Payment of the value of Shares and interest of the deceased Member in the capital / property of the Society to the heir / legal Representative Bye - Law-37

1) 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 Bye-Law No. 64 after obtaining the indemnity bond referred to in the Bye-Law No. 35.

2) 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 Bye-Law No. 64, after obtaining the Indemnity Bond referred to in the Bye-Law No. 35, from all the heirs/legal representatives jointly


No comments:

Post a Comment