Whoever is on the songwriting credits gets the royalties. If it says Eddie Van Halen and David Lee Roth, they get the royalties. If it says Van Halen as a group, they share the royalties 4 ways. I'm sure there's some details in their contracts that may give higher royalties to the stars of the group. Every artist is different.
They may also sell a portion of their publishing rights (which happens quite frequently) to a 3rd party in exchange for cash, which usually happens after the band falls from popularity, and breaks up. In that case, royalties may go to someone not having anything to do with the band.
In the case of this Van Halen and DLR reunion, I'm sure that there are details in the contracts that prohibit anyone from performing songs with Hagar's name, unless Hagar gives them permission. I'm sure Eddie never called Sammy to check on that, so they ignored any post-1984 music.
In rare circumstances, the artist may have to obtain permission from someone ELSE to perform their OWN song, and that must really suck.
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