law: Co-Operative Societies Act 2008 
  97.
  
  Transfer of share or interest on death of member
  1.      Where a person has
  
  been nominated as beneficiary by a member in accordance with the by- a society
  
  and such nominee is admitted to membership in the society, the society shall
  
  within one year of the death of the member by whom the nomination was made,
  
  transfer the shares or interest of the deceased member to the nominee to the
  
  limit specified in subsection (2).
  2.      Where no such nominee
  
  is admitted to membership in the society or where the deceased member made no
  
  such nomination the society shall within one year of the death of such deceased
  
  member pay to the nominee or legal personal representative of the deceased
  
  member as the case may be, such sum, not exceeding the said limit, representing
  
  the value or part thereof of the deceased member’s share or interest in the
  
  society.
  3.      Nothing in this
  
  section shall be construed as prohibiting a nominee who has been admitted to
  
  membership from electing to receive payment representing the value of the
  
  deceased member’s shares or interest instead of accepting a transfer.