Transfer of Shares to Nominee after Death

34. (a) On the death of a Member, the nominee or nominees shall apply to the Society, within 6 months of the death of the Member, for transfer of the shares and interest of the deceased Member in the capital/property of the Society. (b) Where there is more than one nominee, all nominees shall jointly apply for such transfer. (c) The nominee, on being admitted as a Member of the Society, shall hold the shares and the interest of the deceased Member in the capital/property of the Society as a trustee for the persons who are legally entitled thereto. (d) The nominee shall not have the right to create any encumbrance on or transfer the shares or interest so transferred to him until he establishes his own title or the title of any other person to such shares and interest to the satisfaction of the Committee. (e) The Society shall not be bound by any notice of any trust, express, implied or constructive, in respect of such shares or interest.