Subject to any other arrangement in an association agreement, an executor of the estate of a member of a corporation who is deceased shall, in the performance of his duties—
| (a) |
cause the deceased member's interest in the corporation to be transferred to a person who qualifies for membership of a corporation in terms of section 29 and is entitled thereto as legatee or heir or under a redistribution agreement, if the remaining member or members of the corporation (if any) consent to the transfer of the member's interest to such person; or |
| (b) |
if any consent referred to in paragraph (a) is not given within 28 days after it was requested by the executor, sell the deceased member's interest— |
| (i) |
to the corporation, if there is any other member or members than the deceased member; |
| (ii) |
to any other remaining member or members of the corporation in proportion to the interests of those members in the corporation or as they may otherwise agree upon; or |
| (iii) |
to any other person who qualifies for membership of a corporation in terms of section 29, in which case the provisions of subsection (2) of section 34 shall mutatis mutandis apply in respect of any such sale. |
Contingency Fees Act, 1997
