Queensland Consolidated Acts

COOPERATIVES ACT 1997 - SECT 79

(1) If the total value of a deceased member's shares or interest in a cooperative is less than $10 000 (or a higher amount prescribed under a regulation), the board may, on the basis of evidence that it considers enough, transfer the shares or interest under whichever of the following paragraphs is appropriate--

(a) if the member 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;

(b) if the member 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 the grant.

(2) A transfer must not be made under this section after evidence has been produced to the cooperative of the grant of letters of administration of the estate, or probate of the will, of the deceased member.

(3) In this section--

transfer, of an interest, includes the payment of money.