law: Co-Operative Societies Act 2008 
  96.
  
  Transfer of shares of a member of unsound mind
  1.      Where a member or
  
  person claiming through registered society has become of unsound mind or
  
  incapable of managing his affairs and no committee, receiver or guardian has
  
  been appointed, the society may, subject to this section and section 95
  
  transfer the share or interest of such member to any person nominated by such
  
  member for the purposes of section 100 or may pay to the person nominated a sum
  
  representing the value of the share or interest of such member ascertained in
  
  accordance with subsection (5).
  2.      Subject to subsection
  
  (3), if no nominee has been appointed, the society may pay a sum representing
  
  the value of the member’s share or interest to the Registrar of the High Court.
  3.      If the value of the
  
  share or interest does not exceed $100 the Board may, subject to any conditions
  
  it thinks fit, pay the whole or any portion of such sum to the person who
  
  appears to have the care of such member or the management of his affairs.
  4.      All transfers and
  
  payments made by a registered society in accordance with this section shall be
  
  valid and effective against any demand made upon the society by any person.
  5.      For the purposes of
  
  this section and section 94, the value of any share or interest shall be
  
  represented by the sum actually paid for that share or interest by the member
  
  holding it unless the by- the society otherwise provide; and where the benefits
  
  of group insurance have accrued on such share or interest, the value of such
  
  benefits shall be the amount actually received by the society on the account of
  
  the deceased member.