Rights and liabilities of members under bankruptcy or mental incapacity
18 Rights and liabilities of members under bankruptcy or mental incapacity
If a person’s membership ceases because of bankruptcy, the value of the person’s membership interest calculated in accordance with rule 17 may be transferred to the Official Trustee in Bankruptcy.
A person appointed under a law of a State or Territory to administer the estate of a member who, through mental or physical infirmity, is incapable of managing his or her affairs, may be registered as the holder of the member’s interest in the co-operative and the rights and liabilities of membership vest in that person during the period of the appointment.
Upon application by a person appointed to manage the affairs of a member referred to in subrule (2), the board may decide to suspend some or all active membership obligations if there are grounds to believe that the member’s physical or mental infirmity is temporary.
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