103Transfer of shares and other interests on death of member

#### 103 Transfer of shares and other interests on death of member 103 Transfer of shares and other interests on death of member > > (1) On the death of a member of a co-operative, the board must transfer the deceased member’s share or interest in the co-operative to— > > > > > (a) the personal representative of the deceased member; or > > > > > (b) one or more persons that the deceased’s personal representative specifies in an application for transfer made to the co-operative within 3 months after the death of the member. > > > (2) On the death of a member of a co-operative, the member’s share or interest in the co-operative cannot be transferred to a person other than the personal representative of the deceased member except with the consent of the board of the co-operative. > > > (3) The board— > > > > > (a) in the case of an application referred to in subsection (1) (b)—must give its consent under subsection (2) to the transfer of the deceased member’s share or interest in the co-operative, unless the board reasonably believes the only transferee or each transferee will not be an active member of the co-operative; or > > > > > (b) in any other case—may give its consent under subsection (2) only if the board reasonably believes the only transferee or each transferee will be an active member of the co-operative. > > > (4) The board must not give its consent under subsection (2) to the transfer of a share if, because of the transfer, the nominal value of the shares held by the transferee would be more than— > > > > > (a) 20% of the nominal value of the share capital of the co-operative; or > > > > > (b) if a lower percentage is specified in the rules of the co-operative—that lower percentage of the nominal value of the share capital of the co-operative. > > > (5) This section has effect subject to section 100.