Additional circumstances in which membership ceases: co‑operatives with share capital
64 Additional circumstances in which membership ceases: co‑operatives with share capital
In the case of a co‑operative that has a share capital, in addition to the circumstances in section 63, a member ceases to be a member in each of the following circumstances —
the member’s total shareholding is transferred to another person in accordance with the rules of the co‑operative, and the transferee is registered as holder;
the member’s total shareholding is forfeited in accordance with this Act or the rules of the co‑operative;
the member’s total shareholding is sold by the co‑operative under a power conferred by the rules of the co‑operative, and the purchaser is registered as holder;
the member’s total shareholding is purchased by the co‑operative in accordance with this Act;
the amount paid up to the stated nominal value on the member’s shares is repaid to the member in accordance with the rules of the co‑operative.
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