Singapore legislation
Clause 26
Clause 26
Transfer of shares or interest on death or permanent insanity of a member
(1)
On the death of a member, a society may transfer the share or interest of the deceased member —
to the person nominated by the member in accordance with section 45;
if there is no person so nominated, to such person as may appear to the committee of management of the society to be the legal personal representative of the deceased member; or
if either of such persons referred to in paragraphs (a) and (b) is not qualified under this Act or under the by-laws of such society for membership, to such other person who is so qualified, to be specified within six months after the death of the deceased member by the nominee or legal personal representative, as the case may be.
(2)
A society may pay all other moneys due to the deceased member from the society to such nominee or legal personal representative, as the case may be.
(3)
Where a member or person claiming through a member of a society is insane, and no committee of his estate or trustee of his property has been duly appointed, the society may, when it is proved to the satisfaction of the committee of management that it is just and expedient so to do, pay or transfer the share or interest of such member or the value of all other moneys due to such member from the society to a person whom they shall judge proper to receive the same on his behalf.
(4)
The value of the share or interest of the deceased member or of the insane member or person claiming through a member shall be represented by the sum actually paid by the member to acquire such share or interest unless the by-laws provide the calculation thereof otherwise.
(5)
All transfers and payments made by a society in accordance with the provisions of this section shall be valid and effectual against a demand made upon the society by another person.