Section 32: Transfer of shares or interest

32. Transfer of shares or interest (1) A member may transfer his share in the society where— (a) the person to whom the share is transferred is eligible to be admitted as a member; and (b) the transfer is effected in accordance with its rules. (2) (a) Notwithstanding any other enactment, a society shall, on the death or insanity of a member, transfer the share or any interest of the member to his nominee. (b) Where, on the death of a member, no person has been nominated under section 35, the share or interest of the deceased member shall accrue to his heirs. (c) Where— (i) under its rules, the nominee or heir is not qualified for membership in the society; or [Issue 9] C49 – 16 Revised Laws of Mauritius (ii) the nominee or heir does not intend to apply for membership, the society shall pay to the nominee or heir, as the case may be, a sum representing the value of the deceased or insane member’s share or other interest based on the latest valuation of the shares as the rules of the society may provide, together with any money due to the deceased or insane member by the society. (d) Any transfer or payment made by a society under this subsection shall be valid and effective against any demand made on the society by any other person. (e) Where any money is paid to a nominee who is a minor, a receipt given by his legal guardian shall be sufficient discharge to the society. PART VI – RIGHTS AND OBLIGATIONS OF MEMBERS