Div 8Transfer of shares and other interests on death of member

Division 8—Transfer of shares and other interests on death of member 102—Meaning of interest interest, of a deceased member, in a co‑operative, includes— (a) the member's membership; and (b) any credit balance payable to the member; and (c) any loan from or to, or deposit with, the co‑operative; and (d) any surplus arising on the sale by the co‑operative as mortgagee of any property mortgaged by the deceased to the co‑operative. 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. 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. 105—Value of shares and interests The value of the shares or interest of a deceased member must be decided, for the purposes of this Division, under the rules of the co‑operative. 106—Co‑operative protected Any transfer of property made by the board of a co‑operative under this Division is valid and effectual against any demand made on the co‑operative by any other person.