Co-Operatives (National Uniform Legislation) Act 2015

If a person has an entitlement because of section 169, the entitlement operates to end any liability of the co-operative:

to repay to the person under section 163 any amount for the forfeited shares concerned; or

for a deposit held by the co-operative, or debentures or CCUs allotted or issued to the person, under section 163 for the forfeited shares concerned (except a liability to pay interest that is payable but unpaid).

If an amount has been repaid to a person under section 163 or 165, the amount repaid is to be set-off against any entitlement of the person under section 168 for the forfeited shares concerned.

If the amount repaid cannot be set-off against the entitlement because the entitlement is not, or is only partly, an entitlement to money, the entitlement is lost unless the person pays to the co‑operative the amount repaid to the person and does so within the period required under subsection (4).

If the circumstances referred to in subsection (3) arise, the co‑operative concerned must:

give written notice of the matter by post to the person concerned at the person's address last known to the co‑operative, stating a period of not less than 28 days after the notice is given within which any amount repaid must be paid to the co-operative; and

publish a general notice to that effect in a newspaper circulating generally in the district in which the registered office of the co-operative is situated.