Liability and membership
7 Liability and membership
A society shall be formed with limited liability.
Unless otherwise provided by the rules, any person who is not under the age of sixteen years shall subject to this Act be eligible to be a member of a society.
S. 7(3) substituted by No. 9075 s. 5(2).
A member of a society shall not at any time be entitled on any ground relating to his minority or former minority to avoid any of his obligations or liabilities as a member of the society or under any mortgage given by him to the society.
No person shall at any one time be a member of more than one society unless—
before becoming a member of each society (other than the one of which he is first a member) he obtains the consent in writing of the registrar; and
all societies of which he is a member have the same registered office:
Provided that in the case of a person who was lawfully a member of two societies before the commencement of the Co-operative Housing Societies Act 1950 nothing in this subsection shall be deemed—
to require any consent of the registrar to his membership of either such society; or
to render his membership of either such society unlawful:
S. 7(4) Further Proviso amended by No. 8298 s. 2.
Provided further that nothing in this subsection shall apply to or in respect of any person becoming or being registered as the holder of shares in any society as executor or administrator of a deceased member or as the trustee within the meaning of the Commonwealth Act known as the Bankruptcy Act 1966 as amended from time to time of the estate of a member or deceased member.
No. 6138 s. 8.
This Act’s bill:Second reading speech
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