(1) If a member of a credit union dies and, at his death, his property in the credit union (whether in savings, loans, insurance or otherwise) -

(a) does not in the whole exceed the amount standing specified, on the date of the member's death, for the purpose of this subsection in an order made by the Minister under subsection (2).

(b) is not the subject of a nomination under section 21,

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 (on such evidence as they consider satisfactory) to be entitled by law to receive it.

(2) The Minister may, after consultation with the Advisory Committee and such other body as the Minister considers appropriate in the circumstances, by order specify an amount for the purpose of subsection (1).