104Transfer of small shareholdings and interests on death

104 Transfer of small shareholdings and interests on death

104 Transfer of small shareholdings and interests on death

(1) If the total value of a deceased member’s shares or interest in a co-operative is less than $10,000 (or a higher amount prescribed by the National Regulations), the board may, on the basis of evidence that it considers sufficient, transfer the shares or interest under whichever of the following paragraphs is appropriate—

(a) if the member dies testate—to the person who appears to the board to be entitled to the shares or interest under the will of the deceased member;

(b) if the member dies intestate—to any person who appears to the board to be entitled to obtain a grant of administration of the estate of the deceased, and that person must then hold the shares or interest on the same trusts as if he or she had obtained the grant.

(2) A transfer must not be made under this section after evidence has been produced to the co-operative of the grant of letters of administration of the estate, or probate of the will, of the deceased member.

(3) This section has effect subject to section 100.

(4) In this section—

transfer of an interest includes the payment of money.