15
CurrentLiability of members to co-operatives (CNL ss117(2) & 121)
Schedule 5Model rules for a distributing co-operative
Part 2Membership
Division 3Members’ liability
15 Liability of members to co-operatives (CNL ss117(2) & 121)
(1)
A member is liable to the co-operative for the amount, if any, unpaid on the shares held by the member, together with any charges, including entry fees and regular subscriptions, payable by the member to the co-operative under these rules.
(2)
Joint members are jointly and severally liable for any amount unpaid on shares and to any such charges mentioned in subrule (1).
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