3.5 Nomination and Membership of Nominees transfer procedure
According to sub rule no. 32 and 33, the member can make an application in the prescribed from to the society for nomination. The acknowledgement of the nomination by the secretary shall be deemed to be the acceptance of nomination by the secretary. No fees shall be charged for recording the first nomination. If member has revoked his first application in writing, then after that every fresh nomination shall be charged a fee of Rs. 50/- society has no right to refuse nomination.
If member has registered his nomination then earlier deemed to be cancelled.
On receipt of the nomination it is binding on the secretary to register the nomination in the register book within seven days by taking note in the first managingcommittee meeting. Similarly to adopt the same procedure as per sub Section 33 is binding for second time nomination was given by cancelling previous nomination.
Subject to the provision of the Section 30 of M.C.S. Act. 1960 by sub rule No. 34, 17(A) or 19 on the death of a member, the society shall transfer the shares and interest of the deceased member in the capital / property of the society to the nomination / nominees. In the event of death of the member nominee / nominees shall submit the application for membership. If there / are more than one nominee on the death of a member, such nominee shall make joint application to the society and indicate the name of the nominee who should be enrolled as member. The other nominees shall be enrolled as its Associate member unless the nominees indicate otherwise.
The nominees shall also file an Indemnity bond in the prescribed form indemnifying the society against any claims made to the shares and interest of the deceased member in the capital / property of the society by any of them.
A person has made nomination to the membership by nominating anyone. That nomination do not supposed acquired full right of ownership to them. They have to approach competent court and legal ownership to society and beneficiary of shares and interest in property of society and concerned person provides legal and proper documents to society.
Nomination given to member by society because of makeable the member to issue correspondence after original member’s death. Member is airing membership by nomination as trustee of property and not acquiring ownership right.