s 129
In forceRepayment of deposits and redemption of debentures and CCUs
Part 6Active membership
Division 4Cancellation of membership of inactive or missing members
129 Repayment of deposits and redemption of debentures and CCUs
(1)
A deposit, debenture or CCU to which an amount payable to a former member is applied under this Division or section 73(2) is to be repaid or redeemed, as the case may be, as soon as repayment or redemption would not, in the opinion of the board, adversely affect the financial position of the co‑operative.
(2)
The deposit, debenture or CCU must in any case be repaid or redeemed within 10 years, or within any shorter period that the rules of the co‑operative may require, after cancellation of the member’s membership.
[Section 129 amended: No. 7 of 2016 s. 198.]
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