157
CurrentShares to be forfeited if membership cancelled
Chapter 2Formation, powers and constitution of co-operatives
Part 2.6Active membership
Division 4Cancellation of membership of inactive members
157 Shares to be forfeited if membership cancelled
(1) If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member's membership is cancelled under section 156.
(2) The board's declaration has the effect of forfeiting the shares concerned.
(3)
Nothing in this section affects the operation of section 163.
This Act’s bill:Explanatory statement
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