165
CurrentRepayment of deposits, debentures and CCUs
Chapter 2Formation, powers and constitution of co-operatives
Part 2.6Active membership
Division 4Cancellation of membership of inactive members
165 Repayment of deposits, debentures and CCUs
(1)
A deposit, debenture or CCU to which an amount payable to a former member is transferred under this Division or section 128(2) is to be repaid to the former member as soon as repayment would not, in the opinion of the board, adversely affect the financial position of the co-operative.
(2)
The deposit, debenture or CCU must in any case be repaid within
10 years (or within any shorter period the rules of the co-operative may require) after cancellation of the member's membership.
This Act’s bill:Explanatory statement
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