Malaysia legislation
Section 13
Section 13
(a)
in respect of a deceased member, transfer the share or interest of such deceased member to the person nominated in accordance with any regulations made hereunder, or if there is no person so nominated, to such person as may appear to the Board of Directors to be the heir or legal representative of the deceased member or may pay to such nominee, heir or legal representative a sum representing the value of such deceased member’s share or interest as determined in accordance with any regulations made hereunder;
(b)
in respect of a dissolved member-unit, pay to the liquidator a sum representing the value of such dissolved member-unit’s share or interest as determined in accordance with any regulations made hereunder.
(2)
A Farmers’ Organization may pay all other moneys due to the deceased member or dissolved member-unit from the Farmers’
Organization to such nominee, heir, legal representative or liquidator.
(3)
All transfers and payments made by a Farmers’ Organization in accordance with the provisions of this section shall be valid and effectual against any demand made upon the Farmers’ Organization by any other person.
16 Laws of Malaysia ACT 109
Directors