Payment of sums not exceeding $2,000 when members or depositors die intestate

(1) Where any member of or depositor with a society having in the funds thereof a sum of money not exceeding two thousand dollars dies intestate, the amount due to him may be paid to the person who appears to the directors or committee of management of the society to be entitled under the Administration of Estates Act, Cap. 197 to receive it, without the taking out of letters of administration, upon the society receiving satisfactory evidence of death and a statutory declaration that the member or depositor died intestate, and that the person so claiming is so entitled. $2,000 when (2) Whenever the society after the decease of any member or depositor has paid any such sum of money to the person who at the time appeared to be entitled to the effects of the deceased under the belief that he had died intestate, the payment shall be valid and effectual with respect of any demand from any other person as next of kin or as the lawful representative of such deceased member or depositor against the funds of the society. (3) The next of kin or representative lawfully entitled to any such sum of money shall have his remedy for the amount of such payment against the person who has received it.