Northern Territory Consolidated Acts Northern Territory Consolidated Acts80. Transfer of small shareholdings and interests on death
(1) If the total
value of a deceased member's shares or interest in a
co-operative is less
than $10,000 (or such other amount as may be prescribed), the board may, on
the basis of such evidence as it considers sufficient, transfer the shares or
interest in accordance with whichever of the following paragraphs is
appropriate:
(a) if the member or person dies testate, to the person who appears to the board to be entitled to the shares or interest under the will of the deceased member or person;
(b) if the member or person dies intestate, to any person who appears to the board to be entitled to obtain a grant of administration of the estate of the deceased and that person must then hold the shares or interest on the same trusts as if he or she had obtained that grant.
(2) A transfer must not be made under this section after evidence has been produced to the co-operative of the grant of letters of administration of the estate, or probate of the will, of the deceased member.
(3) In this section, the transfer of an interest includes the payment of money.