(1)
Subject to the provisions of section 42, on the death of a member of a registered society, the society shall transfer the share or interest of the deceased member in the capital to the person nominated in accordance with the Rules, or if no person has been so nominated, to such person as may appear to the board to be the heir or legal representative of the deceased member:
Provided that such nominee, heir or legal representative, as the case may be, being eligible for admission, is admitted as a member of the society:
Provided further that nothing in this sub-section shall prevent a minor or a person of unsound mind from acquiring by inheritance or otherwise the share or interest of a deceased member in the capital of the society.
(2)
Notwithstanding anything contained in sub-section (1) and subject to such conditions as may be specified in the rules, a registered society may of its own motion and shall, if so required by any such nominee, heir or legal representative, as the case may be, pay to him the value of the share or interest of the deceased member in the capital ascertained in accordance with the Rules.
(3)
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 maybe.
(4)
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.