Power of nomination and Register of Nominations

(1) A member of a credit union may, by instrument in writing signed by such member in the presence of two attesting witnesses and delivered or sent to the registered office of the credit union during the lifetime of such member, or made in any book kept by the credit union, nominate any person or persons, to or among whom there shall be transferred at his death such property in the credit union as may be his at the time of death, whether in shares, loans, or deposits, or so much of the property as is specified in such nomination, provided that no member of a credit union with share capital shall be entitled to nominate more than one person unless such member holds more than one share. (2) A nomination may be revoked or varied by a subsequent nomination signed, attested and delivered or sent or made as in sub-section (1), or by any similar document in the nature of a revocation or variation, signed by the nominator in the presence of two (2) attesting witnesses and delivered, sent or made as in sub-section (1), but shall not be revocable or variable by the will of the nominator or by any codicil to such will. (3) The credit union shall keep a Register of Nominations wherein the names of all persons so nominated and all revocations or variations, if any, of such nominations shall be recorded.