(1) On the death of a member the registered society may transfer the share or interest of the deceased member to the person who is proved to the satisfaction of the committee to be the heir of the deceased or his personal representative or the representative of the deceased's family who is entitled to administer his property either under a will or in accordance with the customary law of inheritance obtaining in the area of which the deceased was a subject:

Provided that-

(a) in the case of a registered society with unlimited liability, the heir or representative, as the case may be, may require payment by the society of the value of the share or interest of the deceased member;

(b) in the case of a registered society with limited liability, the society may transfer the share or interest of the deceased member to the heir or representative, as the case may be, being qualified for membership of the society, or to any person specified in the application who is so qualified.

(2) A registered society may pay all other moneys due to the deceased member from the society to the heir or representative, as the case may be.

(3) Any transfer or payment made by a registered society in accordance with the provisions of this paragraph shall be valid and effectual against any demand made upon the society by any other person.