(1)
On the death of a member of a society, the society shall subject to the provisions of sub-section (2) transfer his share or interest in the society to a person or persons nominated by such member in accordance with the rules or, in the absence of such nomination to such person as may appear to the Committee to be the heir or legal representative of such member.
(2)
No such transfer shall be made unless such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society.
(3)
Notwithstanding anything contained in sub-section (2), any such nominee, heir or legal representative, as the case may be, may require the society to pay to him the value of the share or interest of the deceased member, ascertained as prescribed.
(4)
A 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.
(5)
All transfers and payments duly made by a 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.
(6)