Co-operative Societies Act 1979 · 2020 Revised Edition · Part 4 · Rights and Liabilities of Members
45. Nomination
Feedback & supportLast amended by an amending law of 2009.
Subject to subsection (3), a member of a society may in writing nominate a person in the presence of at least 2 witnesses, to whom on the death of the member the society may transfer the share or interest.
member
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;
Every society must keep a register of all persons so nominated.
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
Where a society is the insurer of any relevant policy, and a member of the society is the policy owner of that relevant policy, the member is not entitled, on or after 1 September 2009, to nominate under subsection (1) any person to whom on the death of the member the society may transfer the member’s share or interest in any policy moneys under that relevant policy.
In this section —
“policy owner” and “policy moneys” have the meanings given in the First Schedule to the Insurance Act 1966;
“relevant policy” has the meaning given by section 131 of the Insurance Act 1966.