151
CurrentActive membership provisions—non-distributing co-operatives—regular subscriptions
Chapter 2Formation, powers and constitution of co-operatives
Part 2.6Active membership
Division 2Active membership provisions
151 Active membership provisions—non-distributing co-operatives—regular subscriptions
(1)
Active membership provisions for a non-distributing co-operative may include a provision to the effect that the payment of a regular subscription by a member of the co-operative, to be applied to a primary activity of the co-operative, is sufficient to establish active membership of the co-operative.
(2)
A member of a non-distributing co-operative who would, on payment of the subscription, be an active member of the co-operative is taken to be an active member until the subscription is payable.
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