Additional circumstances in which membership ceases – co‑operatives with share capital
118 Additional circumstances in which membership ceases – co‑operatives with share capital
In the case of a co-operative that has share capital, in addition to the circumstances in section 117, a member ceases to be a member if:
the member's total shareholding is transferred to another person under the rules of the co-operative and the name of the transferee is entered in the register of members in respect of the shareholding; or
the member's total shareholding is forfeited under this Law or the rules of the co-operative; or
the member's total shareholding is sold by the co-operative under a power conferred by the rules of the co-operative, and the name of the purchaser is entered in the register of members in respect of the shareholding; or
the member's total shareholding is purchased by the co‑operative under this Law; or
the amount paid up on the member's shares is repaid to the member under the rules of the co-operative.
This Act’s bill:Explanatory statement
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