Transfer of property, etc., on death of a member

(1) Subject to sub-sections (2) and (3), a registered credit union shall on the death of a member– (a) to any person nominated in accordance with section 49, the property of the deceased member or such property as may have accrued thereon, in the manner directed by the nomination, or pay to every person entitled under the nomination the full value of Credit Unions Act 45 property given to him, in the case of property comprised in the nomination; (b) transfer to the personal representatives of the deceased member, any property of the deceased member in the credit union, or such property as may have accrued thereon, or pay to the personal representatives the full value of such property, in the case of property not comprised in the nomination. (2) Any person entitled, under sub-section (1)(a) or (b), to receive property or payment of the value of such property from a credit union with limited liability, may require payment by the credit union of the value of such property. (3) Any share or interest of a deceased member of a credit union with limited liability may be transferred by the credit (a) the person entitled to such share or interest under sub-section 1(a) or (b), if such person is qualified to be a member of the credit union; or (b) any other person qualified to be a member of the credit union and specified, within six months of the death of the deceased member, in an application by the person entitled to such share or interest under sub-section (1)(a) or (b). (4) All transfers and payments made by a credit union in accordance with this section shall be valid and effectual against any demand made upon the credit union by any other person. (5) In this section, the expression “personal representatives” includes, where the value of the property to be transferred or paid by a credit union in respect of a deceased member does not 46 Credit Unions Act exceed two thousand dollars, such person as may appear to the credit union, on such evidence as the credit union may deem satisfactory, to be entitled to receive payment. etc.