Clause 17

by deleting subsection (3) and substituting the following subsections:“(3) Where the committee of management of a society is satisfied that an individual (being a member or a person claiming through a member) lacks capacity to manage the individual’s property and affairs and that it is just and expedient to do so, the society may pay or transfer the individual’s share or interest, or the value of all the moneys due to the individual from the society, to a person whom the committee of management is of the view is the proper party to receive the same on the individual’s behalf.(3A) A payment or transfer cannot be made under subsection (3) where the individual lacks capacity to manage the individual’s property and affairs, and —

there is in force a lasting power of attorney conferring on a donee authority to make decisions about the individual’s property and affairs (either generally or for the purposes of this Act); or

a deputy is or is deemed appointed to make decisions on the individual’s behalf in relation to the individual’s property and affairs (either generally or for the purposes of this Act).”;

by deleting the words “of the deceased member or of the insane member or person claiming through a member” in subsection (4) and substituting the words “of a member mentioned in subsection (1), or of an individual (being a member or a person claiming through a member) mentioned in subsection (3),”;

by inserting, immediately after subsection (5), the following subsection:“(6) In this section —

“deputy”, “donee” and “lasting power of attorney” have the same meanings as in section 2(1) of the Mental Capacity Act (Cap. 177A); and

an individual lacks capacity in relation to a matter if the individual lacks capacity within the meaning of section 4 of the Mental Capacity Act in relation to that matter.”; and

by deleting the section heading and substituting the following section heading:“Transfer of shares or interest where member dies or lacks capacity”.