Nomination in a co-op. society

Querist : Anonymous (Querist) 01 September 2011 This query is : Resolved
Sirs,

Recently in a case the Arbitrator made an observation that if a nomination is accepted and admitted by any Co-operative Society it becomes a contract between the Society and the member. the opponents say "nomination cannot over ride succession".
Under these circumstances what is a valid nomination in a society. Does any nomination become as strong as a 'will' or can a nomination admitted/registered by a Society becomes valid if so under which section. Dont you think that when 'nomination is so weak compared to a 'will' one should not be used by individuals & organisations. tell us something about the difference between a nomination in a bank account and that of a society.

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Raj Kumar Makkad (Expert) 01 September 2011
Practically there is no difference of nomination in both sectors. Nominee is entitled only to see the interest of his Principal but he cannot be substituted for successors. He has to collect the right of deceased Principal from either of these institutions and has to distribute among the legal heirs as per law.

Societies or any other organization is no exception to this general law.

ajay sethi (Expert) 01 September 2011
a nominee is only a trustee . if nomination is made society shall after fulfilling all formalities transfer flat in favour of nominee . but nominee acts as a trustee and hold property in trust for legal heirs

DEFENSE ADVOCATE.-firmaction@g (Expert) 01 September 2011
Facility of nomination is provided to avoid problems of transfer. The asset can be easily transferred in the name of the nominee.

However the rights of legal heirs can not be superseded .

girish shringi (Expert) 01 September 2011
Usually person appoint nominee,to a trustworthy person,he/she becomes the trustee of the principle.
However he proves to be a heir he can get succession right of the heirs.

prabhakar singh (Expert) 01 September 2011
i agree with all opinions which are similar one way or the other.

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