Section 76 of the West Bengal Co-operative Societies Act establishes the provision for nomination by a member in a co-operative society. This provision grants members the right to nominate an individual who will inherit their shares or interests in the society upon their death, subject to the society’s by-laws and rules.
The primary purpose of this provision is to ensure a smooth transition of ownership and to provide clarity regarding the disposition of a member’s shares or interests after their demise. By making a nomination, a member can specify the person who will succeed them and assume their rights and responsibilities within the cooperative society.
It is important to note that the nomination is subject to the by-laws of the cooperative society. The society’s by-laws contain specific rules and regulations governing the nomination process, which members must adhere to when making their nominations. These rules ensure consistency and fairness across different cooperative societies and help avoid disputes or conflicts in the future.
The nomination process allows a member to designate an individual who will receive their shares or interests upon their death. This helps in preserving the member’s intended legacy and ensures that their assets within the cooperative society are transferred to the nominated person smoothly and without any complications.
To exercise this right, a member must follow the rules and procedures outlined in the cooperative society’s by-laws. These rules typically require the member to provide accurate information about the nominee, including their name, address, and relationship to the member. It is essential for members to keep their nominations updated and inform society of any changes to ensure the accuracy and validity of the nomination.
Upon the member’s death, the cooperative society will dispose of the shares or interests in accordance with the nomination made by the member. The nominated person will then assume the rights, responsibilities, and benefits associated with the deceased member’s share or interest in society.
The provision for nomination by a member in a cooperative society promotes transparency, fairness, and continuity within the society. It allows members to have control over the disposition of their shares or interests and helps in maintaining the stability and functioning of the cooperative society.
In conclusion, Section 76 of grants members the right to nominate an individual to whom their shares or interests will be transferred upon their death. This provision, subject to the by-laws of the cooperative society, ensures a smooth transition of ownership and facilitates the effective management of assets within the society.
Below is the format for the Nomination of members in a Co-operative Society in West Bengal under section Section 76 of the West Bengal Co-operative Societies Act:
FORM XXVIII-B
Application for Nomination
[Section 76]
To,
The Secretary
Rah-Hid Co-operative Housing Society Ltd.
Post Office- New Town
District- North 24 Parganas
Pin- 700156
Dear Sir/Madam.
In terms of section 76 of the West Bengal Co-operative Societies Act, 2006 read with the relevant provision of the Bye-laws of the Society I do hereby nominate my wife/son/daughter Smt./Sri/Kumari……………………………………………………….. as my nominee and to request you to dispose of my share with all interest in favour of my nominee in the event of my death.
The bio-data of my nominee are detailed below for your perusal and taking necessary action at your end in terms of the relevant provision of the society
Name of the Nominee (Block Capital) :………………………………………………………………………………….
Date of Birth of the Nominee :………………………………………………………………………………….
Identification Mark, if any of the Nominee :………………………………………………………………………………….
Yours faithfully,
Member
Date :
Place :
Raj-Hid Co-operative Housing Society Ltd.
