Co-operatives Act 2009

A member or creditor of a co‑operative or the liquidator may at any time before the completion of the winding‑up of the co‑operative apply to the Supreme Court to review the amount of the remuneration of the liquidator.

322. Liability of member to contribute in a winding‑up where shares forfeited etc.

If a person’s membership of a co‑operative is cancelled under Part 6 within 2 years before the start of the winding‑up of the co‑operative, the person is liable on the winding‑up to contribute to the property of the co‑operative the amount paid by the co-operative to the member or former member in respect of any shares forfeited in connection with that cancellation, together with any amount unpaid on the shares immediately before the cancellation.

If under section 163 a co‑operative —

purchases a share of a member in the co‑operative; or

repays to a member the whole or any part of the amount paid up up to the stated nominal value on a share held by a member,

within 2 years before the start of the winding‑up of the co‑operative, the member or former member is liable on the winding‑up to contribute to the property of the co‑operative the amount paid by the co‑operative to the member or former member in respect of the purchase or repayment together with any amount unpaid on the shares immediately before the purchase or repayment.

If a person contributes to the property of a co‑operative under a liability under this section, the amount contributed is, for the purposes of the winding‑up, to be treated as having been paid up by the person on shares of the co‑operative.

The liability of a member or former member of a co‑operative under this section is in addition to any other liability of the member or former member to contribute to the property of the co‑operative on a winding‑up of the co‑operative.

If —

section 131(2) applies to rules of a co‑operative; and

those rules provide for a period shorter than 2 years to apply for the purposes of each of section 132(1)(a), (b) and (c) and section 133(1),

subsections (1) and (2) of this section apply in relation to the co‑operative as if a reference in those subsections to 2 years were a reference to the shorter period that applies for the purposes of each of section 132(1)(a), (b) and (c) and section 133(1) under those rules.

[Section 322 amended: No. 7 of 2016 s. 109.]