Section 24
Power to deal with the property and, return or interest of deceased members
of Co-Operative Societies Act 1993
On the death of a member, a co-operative society may transfer the share, return or interest of such member—
(a)
in the case of a deceased member who was a Muslim, to the legal representative of such member or to such person as
30 Laws of Malaysia ACT 502
may appear to the Board to be a person entitled to such share, return or interest pursuant to any distribution made under any law relating to the distribution of estate; or
(b)
in the case of a deceased member who was not a Muslim, to the person nominated in accordance with the regulations in his behalf or, if there is no person so nominated, to such person as may appear to the Board to be the heir or legal representative of such member, and may pay to such legal representative, nominee, heir or person, as the case may be, a sum representing the value of the deceased member’s share, return or interest, as the case may be, as ascertained in accordance with the regulations or its by-laws.
(2)
If the deceased member was not a Muslim, and the nominee, heir or legal representative is not qualified for membership in accordance with this Act, the regulations or the by-laws, the co-operative society may, on the application of such nominee, heir or legal representative, as the case may be, within six months of the death of such member, transfer the share, return or interest of such member to any person specified in the application who is so qualified.
(3)
Notwithstanding subsection (1), if six months have elapsed since the death of a member who was a Muslim and the co-operative society concerned is unable to ascertain who the legal representative of such member is or no legal representative has been appointed or the estate of such member has not been distributed or the estate of such member has been distributed but the co-operative society is unable to ascertain who the person entitled to such share, return or interest pursuant to such distribution is, the co-operative society may pay to the *Official Administrator a sum representing the value of the share, return or interest of such member, as ascertained in accordance with the regulations or its by-laws.
* NOTE—All references to “Official Administrator” shall be construed as “Corporation”–see section 2 and subsection 43(3) of Public Trust Corporation Act 1995 [Act 532].
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(4)
A co-operative society may pay all other moneys due to a deceased member from the co-operative society to the legal representative, *Official Administrator, nominee, heir or person, as the case may be, referred to in subsections (1) and (3).