law: Co-Operative Societies Act, 1912
  22. Transfer of interest on death of member
  (1) On the death of a member a registered
  
  society may transfer the share or interest of the deceased member to the person
  
  nominated in accordance with the rules made in this behalf, or, if there is no
  
  person so nominated to such person as may appear to the committee to be the
  
  heir or legal representative of the deceased member, or pay to such nominee,
  
  heir or legal representative, as the case may be, a sum representing the value
  
  of such member's share or interest, as ascertained in accordance with the rules
  
  or by-laws :
  Provided that-
  (i) in the case of a society with unlimited
  
  liability, such nominee, heir or legal representative, as the case may be, may
  
  require payment by the society of the value of the share or interest of the
  
  deceased member ascertained as aforesaid;
  (ii) in the case of a society with limited
  
  liability, the society shall transfer the share or interest of the deceased
  
  member to such nominee, heir or legal representative, as the case may be, being
  
  qualified in accordance with the rules and by-laws for membership of the
  
  society, or on his application within one month of the death of the deceased
  
  member to any person specified in the application who is so qualified.
  (2) A registered society may pay all other
  
  moneys due to the deceased member from the society to such nominee, heir or
  
  legal, representative, as the case may be.
  (3) All transfers and payments made by a
  
  registered society in accordance with the provisions of this section shall be valid
  
  and effectual against any demand made upon the society by any other person.