Rule 23. Nomination of property in the credit union

1. Subject to paragraphs (2) to (4), a member of the credit union who is of or over the age of sixteen may, by a written statement signed by him and:
   • made in any book kept at the credit union’s registered office, or
   • delivered at or sent to that office during his lifetime,
   • nominate a person or persons to become entitled at his death to the whole, or such part or parts as may be specified in the nomination, of any property in the credit union (whether in savings, loans, insurances or otherwise) which he may have at the time of his death.
2. The nomination by a member of the credit union under paragraph (1) of a person who is at the date of the nomination an officer of the credit union shall not be valid unless that person is a member of the nominator’s family.
3. For the purpose of the disposal of any property which is the subject of a nomination under paragraph (1), if at the date of the nominator’s death the amount of his property in the credit union comprised in the nomination exceeds €23,000 or such other maximum as may be prescribed by law, the nomination shall be valid to the extent of €23,000 or such other maximum as may be prescribed by law but not further or otherwise.
4. A nomination by a member of the credit union under paragraph (1) may be revoked or varied by a subsequent nomination by him under that paragraph or by any similar document in the nature of a revocation or variation signed by the nominator and delivered to the credit union’s registered office during his lifetime; but such a nomination shall not be revocable or variable by the will of the nominator or by any
   codicil to his will.
5. The credit union shall keep a record:
   • of the names of all persons nominated by its members under paragraph (1) and such other details as will positively identify the nominees: and
   • of all revocations or variations (if any) of nominations under that paragraph.
6. The marriage of a member of the credit union shall operate as a revocation of any nomination made by him under paragraph (1) before his marriage, but if, in ignorance of a later marriage, an officer of the credit union transfers any property of that member in pursuance of such a nomination, the receipt of the nominee shall be a valid discharge to the credit union, and the credit union shall be under no liability to any other person claiming the property.
7. A nomination under paragraph (1) shall be revoked by the death of the nominee before the death of the nominator.

Rule 24. Proceedings on death of nominator

1. Subject to paragraph (2), where any member of the credit union has made a nomination under rule 23, the board of directors, on receiving satisfactory proof of the death of that member, and if and to the extent that the nomination is valid under paragraph (1) of rule 23, shall in the case of each person entitled under the nomination either transfer to him, or pay him the full value of, the property to which he is so
   entitled.
2. Where any of the property comprised in a nomination under rule 23 consists of shares in the credit union, paragraph (1) shall have effect notwithstanding that these rules declare the shares in the credit union not to be transferable; but if the transfer of any shares comprised in the nomination in the manner directed by the nominator would raise the shareholding of any nominee beyond the maximum for the time being permitted in the credit union, the board of directors:
   • shall not transfer to that nominee more of those shares than will raise his shareholding to that maximum; and
   • shall pay him or transfer to his deposit account the value of any of those shares not transferred.
3. Where any sum falls to be paid under paragraph (1) or paragraph (2) to a nominee under the age of sixteen years, the credit union may pay that sum to either parent, or to a guardian, of the nominee or to any other person of full age:
   • who will undertake to hold it on trust for the nominee or to apply it for his benefit; and
   • whom the credit union may think a fit and proper person for the purpose;
   • and a receipt for that sum signed by that parent, guardian or other person shall be a sufficient discharge to the credit union for all money so paid.

Rule 25. Provision for small payments on death

1. If a member of the credit union dies and, at his death, his property in the credit union (whether in savings, loans, insurance or otherwise):
   • does not in the whole exceed the maximum relevant for the purposes of this section, and
   • is not the subject of a nomination under rule 23,
   • the board of directors may, without letters of administration or probate of any will, distribute that property among such persons as appears to the board of directors (on such evidence as they consider satisfactory) to be entitled by law to receive it.
2. The maximum referred to in paragraph (1) (a) is €15,000 or such other maximum as may be prescribed by law.

Rule 26. Payments in respect of mentally incapable persons

1. This rule applies where, in the case of a member of the credit union or a person claiming through such a member, the board of directors is satisfied:
   • after considering medical evidence, that the member or other person is incapable by reason of a mental condition to manage and administer his own property; and
   • that no person has been duly appointed to administer his property on his behalf, whether by a court, pursuant to Part II of the Powers of Attorney Act, 1996 or otherwise.
2. If, in a case where this rule applies, it is proved to the satisfaction of the board of directors that it is just and expedient to do so, the credit union may pay the amount of any property belonging to the member or other person (whether in the form of savings, loans, insurances or otherwise) to any person whom the board judges proper to receive it on his behalf and who furnishes to the board such a statement as is
   referred to in paragraph (3); and a receipt for that amount signed by such a person shall be a sufficient discharge to the credit union for any sum so paid.
3. The statement mentioned in paragraph (2) is one which certifies that the proposed recipient:
   • understands that it is his duty to apply the amount which is proposed to be paid in the best interests of the person to whom it belongs; and
   • is aware that he may incur civil or criminal liability if he misapplies the whole or any part of that amount; and
   • is not aware that any other person has authority to receive the whole or any part of that amount, whether by virtue of an order of a court, a power of attorney or otherwise.

Rule 27. Bankruptcy

If any member becomes bankrupt his property in the credit union not automatically assigned to the credit union against a loan or guarantee of a loan shall be transferred or paid to the Official Assignee in Bankruptcy.

Rule 28. Validity of payment

All payments or transfers made by the board of directors under rule 25 or rule 26 to a person appearing to the board of directors at the time of payment or transfer to be entitled under the rule in question shall be valid and effectual against any demand made upon the board of directors or credit union by any other person.