—(1) On the death of a member, a society may transfer the share or interest of the deceased member —
to the person nominated by the member in accordance with section 45;
if there is no person so nominated, to such person as may appear to the committee of management of the society to be the legal personal representative of the deceased member; or
if either of those persons referred to in paragraphs (a) and (b) is not qualified under this Act or under the by-laws of the society for membership, to such other person who is so qualified, to be specified within 6 months after the death of the deceased member by the nominee or legal personal representative, as the case may be.
(2) A society may pay all other moneys due to the deceased member from the society to such nominee or legal personal representative, as the case may be.
(3) Where a member or person claiming through a member of a society is insane, and no committee of his estate or trustee of his property has been duly appointed, the society may, when it is proved to the satisfaction of the committee of management that it is just and expedient to do so, pay or transfer the share or interest of the member or the value of all other moneys due to the member from the society to a person whom they shall judge proper to receive the same on his behalf.
(4) The value of the share or interest of the deceased member or of the insane member or person claiming through a member shall be represented by the sum actually paid by the member to acquire the share or interest unless the by-laws provide the calculation thereof otherwise.
(5) All transfers and payments made by a society in accordance with this section shall be valid and effectual against a demand made upon the society by another person.