24Members of societies

24 Members of societies

(1) The members of a society which is formed under this Act shall be the persons who sign the application for membership on the formation of the society, and any other persons who are admitted to membership in accordance with this Act and the rules of the society.

(2) No rights of membership shall be exercised by any member until he has made such payment to the society in respect of membership or acquired such share or interest as is provided in the rules of the society in that behalf.

(3) A person shall cease to be a member in any of the following circumstances, that is to say—

(a) where his shares are transferred to another person in accordance with the rules of the society, and the transferee is registered as holder in his place;

(b) where his shares are forfeited in accordance with the rules of the society;

S. 24(3)(c) substituted by No. 6618 s. 2.

(c) where any power of sale (whether expressed or implied) in any mortgage given by the member to the society is exercised by the society;

S. 24(3)(ca) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 2).

(ca) where the mortgage given by the person to the society is assigned or transferred by the society (unless there is another mortgage given by the person);

(d) where he becomes bankrupt or insolvent under any law relating to bankruptcy or insolvency and the official receiver or assignee disclaims in accordance with the provisions of such law;

(e) on death:

Provided that the estate of the deceased person shall remain liable and his executor or administrator shall be and may be registered as the holder of the shares as such executor or administrator (whether eligible to be a member of the society or not) until some eligible person is registered as the holder of the shares by transfer from the executor or administrator or until the shares are withdrawn or discharged in accordance with this Act and the rules of the society, and while any such executor or administrator is so registered he shall be deemed to be and shall have the rights and obligations of a member of the society for all purposes other than voting at meetings of the society and becoming a director thereof;

(f) where the contract of membership is rescinded on the ground of misrepresentation or mistake;

(g) where he ceases to be a member in accordance with the rules of the society;

(h) where the value of his shares is repaid or a refund in respect of his subscriptions is made to him in accordance with the rules of the society.

(4) Where shares are held by the executor or administrator of a deceased member, the Board may in its discretion by notice in writing to the executor or administrator call upon him to transfer the shares to an eligible person or to withdraw or discharge the shares within six months after receipt of the notice or within such further time as the Board may in any particular case allow, and unless the shares are so transferred withdrawn or discharged they may at the discretion of the society be forfeited and dealt with as forfeited shares in accordance with this Act and the rules of the society.