Share Value Payment

Bye-law No. 36

36. PAYMENT OF VALUE OF SHARES TO NOMINEE(S)

If there is the single nominee and if he demands payment of the value of Shares and interest of the deceased Member, in the capital/property of the Society, the Society shall acquire the same and pay him the value thereof as provided under the bye-law No.63. If, however, there are more nominees than one and if they demand payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society shall acquire the same and pay them value thereof as provided under the bye-law referred to above in the proportion mentioned in the nomination form. If no proportion is mentioned in the nomination form, the payment shall be in equal proportions.

Bye-law No. 37

37. PAYMENT OF VALUE OF SHARES TO HEIR(S)

If, in the opinion of the Committee, there is only one heir / legal representative of the deceased Member and if he demands payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay him the value thereof as provided under the bye-law No. 63 after obtaining the indemnity bond referred
to in the bye-law No. 34. If, in the opinion of the Committee, there are more heirs/legal representatives than one and if they demand payment of the value of Shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay them value thereof in equal proportion as provided under the bye-law No. 66, after obtaining the Indemnity Bond referred to in the bye-law No. 35, from all the heirs/legal representatives
jointly.