Transfer on the Basis of Succession Documents

(a) (i) Where the shares, rights, title and interest of a deceased Member or Joint Member are to be transferred on the basis of a Succession Certificate, Legal Heirship Certificate, Probate of a Will, Letters of Administration, Court Decree or Order, or any other document recognised under law, the person or persons entitled thereunder may apply for transfer of the shares and interest in the prescribed form.

(b) (ii) The application shall be accompanied by—

(i) (a) the original or a certified copy of the Succession Certificate, Legal Heirship Certificate, Probate, Letters of Administration, Court Decree, Court Order or other legally recognised succession document;

(ii) (b) the original Share Certificate, wherever available;

(iii) (c) an Indemnity Bond indemnifying the Society against any future claims in respect of the deceased Member; and

(iv) (d) such other documents as may be prescribed under the Act, the Rules and these Bye-laws.

(c) (iii) The Committee shall verify the documents produced and satisfy itself that the applicant is entitled to seek transfer in accordance with the Act, the Rules and these Bye-laws.

(d) (iv) Where the succession documents clearly determine the person or persons entitled to the shares and interest of the deceased Member and there is no legal prohibition or restraint, the Committee may approve the transfer in favour of such person or persons.

(e) (v) Where the Society receives any order of a Court or competent authority restraining the transfer, or where the succession document itself requires compliance with any further condition before transfer, the Committee shall keep the application pending until such order is vacated or the required compliance is fulfilled.

(f) (vi) The Society shall not adjudicate any dispute relating to the validity, interpretation or legal effect of any succession document. Any person disputing such document shall obtain appropriate orders from the competent Court, and the Society shall act in accordance with such orders.

(g) (vii) Upon approval of the transfer, the Society shall admit the transferee as a Member, record the transfer in the Register of Members and other statutory records, endorse or issue the Share Certificate in accordance with the Act, the Rules and these Bye-laws, and the Provisional Membership, if any, shall thereupon cease.