s 121
In forceShare to be forfeited if membership cancelled
Part 6Active membership
Division 4Cancellation of membership of inactive or missing members
121 Share to be forfeited if membership cancelled
(1)
If a co‑operative has a share capital, the board of the co‑operative must declare the shares of a member to be forfeited at the same time as the member’s membership is cancelled under section 120.
(2)
The board’s declaration has the effect of forfeiting the shares concerned.
(3)
Nothing in this section affects the operation of section 127.
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