Section 26C

Where the Board has received, after the death of a member any dividends, returned paid‑up share capital, proceeds of sale or other moneys in respect of any shares belonging to the member (being such shares or class of shares in any approved corporation as the Minister may designate), the Board is, despite any written or other law, entitled to pay the dividends, capital, proceeds or other moneys into the ordinary account of the member until such time as the Board is notified, in such manner as may be prescribed by any regulations made under section 77(1), of the death of the member.

Any such dividends, returned paid-up share capital, proceeds of sale or other moneys paid into the ordinary account of the member under subsection (1) must be dealt with in accordance with sections 20(1)(b) and (1A) and 25.

This section applies to all such dividends, returned paid‑up share capital, proceeds of sale or other moneys whenever paid by the Board into the ordinary account of the member after his or her death.