Cessation of membership (CNL s117)
8 Cessation of membership (CNL s117)
A person ceases to be a member in any of the following circumstances:
if the membership ceases in any circumstances specified in section 117 of the Law;
if the member’s total shareholding is transferred to another person and the transferee is registered as the holder of the shareholding;
if the member’s total shareholding is forfeited under the Law or these rules;
if the member’s total shareholding is purchased by the co-operative under the Law or these rules;
if the member’s total shareholding is sold by the co-operative under any power in the Law or these rules and the purchaser is registered as shareholder in the member’s place.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.