Repurchase of members’ shares (CNL ss99, 107, 109 & 118)
18 Repurchase of members’ shares (CNL ss99, 107, 109 & 118)
Members’ shares may be repurchased by the co-operative in accordance with the Law.
OR
Members’ shares held in excess of the minimum shareholding required under rule 16
may be repurchased in accordance with the Law.
(strike out whichever is not applicable.)
A member who wishes the co-operative to repurchase any shares must do so by submitting a request to the board in the following form:
I/We...... being members of the...... (co-operative name) and the holders of...... (number of shares) in the co-operative that are fully/partly paid, request that the co-operative repurchase...... (number of shares). I/We are aware of the conditions of repayment under the Co-operatives National Law or relevant Act.
Signed..................................
Dated..................................
Witness (name and signature)..................................
The board of the co-operative must consider each request for repurchase in accordance with the Law and cancel any shares that have been repurchased.
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