Tuesday, 28 August 2018

Rights of the Nominee Housing Society

1. After death of the member, the nominee will be entitled to all the rights in the member's shares to the exclusion of all other persons, provided the prescribed procedure for nomination is followed.

2. The shares of the member will be transferred to the nominee.

3. The society is not concerned with disputes among the heirs of the deceased. Bye Laws No 32/33 of the Maharashtra Cooperative Societies Act allows the society to transfer the shares of the member to a nominee and the transfer will be valid against any demand made by any other person upon the Society.


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