81.270 - Succession to membership: Nomination and transfer on death. - Nevada Statutes

81.270  Succession to membership: Nomination and transfer on death.

      1.  Any member may, upon or after becoming a member, nominate upon his or her application, or otherwise file with the secretary of any association incorporated under NRS 81.170 to 81.270, inclusive, of which he or she is a member, the person whom the member desires to succeed to his or her membership and interests in the association upon his or her death.

      2.  Upon proof of the member’s death being made, according to the bylaws and to the satisfaction of the association’s board of directors, the secretary shall transfer the deceased member’s membership and interests in the cooperative association to the person or persons so nominated, with the consent of the board of directors, without letters of administration.

      3.  If the board of directors do not consent to the nominee’s becoming a member, then the association shall, within 90 days after proof, pay the nominee the amount which the deceased member has paid on the membership, together with the amount of his or her other interests in the association.

      [11:60:1901; RL § 1259; NCL § 1594]—(NRS A 1991, 1251)