Additional matters—co-operatives with share capital
2 Additional matters—co-operatives with share capital
In addition to the matters specified in clause 1, the rules of a co-operative with share capital must set out or make provision for each of the following—
the nominal value of each share in the co-operative;
the amount of the contingent liability (if any) attaching to shares;
the terms on which shares, not including bonus shares, but including shares (if any) with a contingent liability attached to them are to be issued;
the periodic subscriptions by which or the manner in which shares are to be paid for;
for a distributing co-operative—how any surplus may be distributed;
the allocation of a deficiency on the winding up of a co-operative;
the forfeiture of shares on expulsion or on failure to pay any subscription or call, the extent to which members whose shares have been forfeited are to remain liable for any amount still unpaid for them, and the sale or cancellation of forfeited shares;
how shares may be transferred;
a matter prescribed by the National Regulations for the purposes of this clause.
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