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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 23

Proceedings nf death of nominator.

23.(1) Subject to subsection (2), where any member of a registered society has
made a nomination under section 22, the committee of the society, on receiving
satisfactory proof of the death of that member, and if and to the extent that
the nomination is valid under subsections (2) and (3) of that section, shall
in the case of each person entitled under the nomination either transfer to
him, or pay him the full value of, any property to which he is so entitled.

(2) Where any of the property comprised in such a nomination as aforesaid
consists of shares in the society, subsection (1) shall have effect
notwithstanding that the rules of the society declare the shares therein not
to be transferable; but if the transfer of any shares comprised in the
nomination in the manner directed by the nominator would raise the share
holding of any nominee beyond the maximum for the time being permitted in the
case of that society, the committee of the society shall not transfer to that
nominee more of those shares than will raise his share holding to that maximum
and shall pay him the value of any of those shares not transferred.

(3) Where any sum falls to be paid under the foregoing provisions of this
section to a nominee who is under sixteen years of age, the society may pay
that sum to either parent, or to a guardian, of the nominee or to any other
person of full age who will undertake to hold it on trust for the nominee or
to apply it for his benefit and whom the society may think a fit and proper
person for the purpose, and the receipt of that parent, guardian or other
person shall be a sufficient discharge to the society for all moneys so paid.

© 1969 Crown Copyright

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