Section 18: Transfer of interest on death of a member.

(1) On the death of a member, a registered society may transfer the shares or interest of the deceased member to-
(a) the person nominated in accordance with the law; or
(b) if there is no person so nominated, to the heir or legal representative of the deceased member; or
(c) where a court of competent jurisdiction is administering the estate of the deceased member, to such court; or
(d)
may pay to such nominee, heir, legal representative or a court of competent jurisdiction, as the case may be, a sum representing the value of such member's share or interest, as ascertained in accordance with the regulations or byelaws made under this Act by the society.
(2) A registered society shall pay all other moneys due to the deceased member from the society to such nominee, heir, legal representative or court of competent jurisdiction as the case may be, as stated in subsection (1) of this section.
(3) All transfers and payments lawfully made by a registered society under this Act shall be valid and effectual against any demand made upon the society by any other person.