Short Answer

Yes, there are specific provisions regarding fees or charges when a share is transferred to an heir or nominee in Gujarat Cooperative Societies.

Detailed Explanation

Section 30 of the Gujarat Cooperative Societies Act, 1961 deals with the transfer of shares. According to this section, when a share is transferred to a nominee or heir of a deceased member, the society may charge a nominal transfer fee. This fee is usually determined by the society's by-laws or general body resolution. The purpose of this fee is to cover administrative costs associated with the transfer process.

In practice, when a member passes away, and their shares are to be transferred to a nominee or heir, the society will typically require the nominee or heir to submit an application for the transfer along with the necessary documents, such as the death certificate, succession certificate, or will. The society will then verify the documents and process the transfer, including collecting any applicable transfer fee.

Real-world Scenarios

• Mr. Patel, a member of a cooperative society, passes away, leaving his shares to his son as per his will. The son approaches the society with the required documents for the transfer. The society charges a nominal transfer fee as per their by-laws before completing the transfer process.

• In another scenario, Mrs. Shah, a member of a cooperative society, designates her daughter as the nominee for her shares. Upon Mrs. Shah's demise, the daughter submits the necessary documents to the society for the share transfer. The society levies a transfer fee in accordance with their rules.

• If a member dies without leaving a will or nomination, the legal heirs may have to go through a legal process to establish their right to the shares before the transfer can take place, which may involve additional costs.

Reference

• Section 30 of the Gujarat Cooperative Societies Act, 1961: Official PDF