29Payment of sum due on unadvanced shares without probate

29 Payment of sum due on unadvanced shares without probate

Notwithstanding anything to the contrary in the rules of any society, where a member of a society to whom an advance has not been made dies and upon the withdrawal of his shares there is payable by the society a sum not exceeding $400, then the society may—

(a) after the expiration of two months from the death of the said member if probate or letters of administration have not been produced to the secretary and notice in writing of intention to apply therefor has not been received by the secretary; or

(b) after the expiration of three months from the death of the said member if such notice of intention to apply has been received by the secretary within the period of two months from the death but probate or letters of administration have not been produced to the secretary—

pay the said sum to the person or persons appearing to the directors to be entitled thereto according to law as on the intestacy of the deceased member and any such payment shall be valid and effectual with respect to any demand against the society or the directors by any other persons as the said member's next of kin legatees or personal representatives, but such next of kin legatees or personal representatives shall nevertheless have the right to recover the whole or any portion of any such sum so paid from the person or persons who have received the same from the society.