26Liability of members

26 Liability of members

(1) A member shall be liable to the society for the amount, if any, unpaid on the shares held by him, together with any charges and other moneys payable by him to the society as prescribed by this Act or the rules of the society.

S. 26(2) substituted by No. 6461 s. 2 (as amended by No. 6489 s. 4(Sch. item 19)) amended by No. 27/2001 s. 8(Sch. 6 item 1.3).

(2) Where, under or in relation to any contract or policy of life insurance or similar contract in a form approved by the registrar after consideration of a report thereon from the Government Statist, or by virtue of any legal or equitable assignment of or trust created in respect of any such contract or policy, or pursuant to any scheme relating to life insurance approved by the registrar after consideration of such a report, provision is made whereby, in the event of the death of a member of a society to whom the contract policy or scheme applies or in the event of the death of a member's spouse or domestic partner to whom the contract policy or scheme applies, moneys will be available for or towards the discharge of the member's liability to the society, then the society shall be empowered—

(a) to receive from any such member, at such times as are agreed upon by the member and the society, the amount of each periodical premium or contribution payable by him in respect of the contract or policy or pursuant to the scheme; and

(b) to pay or otherwise deal with each such amount in such manner as the contract policy or scheme requires or allows; and

(c) if the member defaults in payment of any such amount at the agreed time—

(i) to make payment thereof pursuant to the contract policy or scheme on his behalf or to take such other action as the contract policy or scheme requires or allows; and

(ii) to recover from the member any amount in respect of which the member has made default as aforesaid—

and any amount so recoverable shall until paid be a debt due to the society by the member and the provisions of this Act shall apply in relation thereto accordingly. The society may make either by itself or in conjunction with any other society or societies any contract or arrangement relating to or connected with the carrying into effect of this subsection and may carry out any such contract or arrangement.

S. 26(3) inserted by No. 6618 s. 3, amended by No. 27/2001 s. 8(Sch. 6 item 1.3).

(3) Where, under or in relation to any contract or policy of accident or sickness insurance or similar contract in a form approved by the registrar after consideration of a report thereon from the Government Statist, or by virtue of any legal or equitable assignment of or trust created in respect of any such contract or policy or pursuant to any scheme relating to accident or sickness insurance approved by the registrar after consideration of such a report, provision is made whereby in the event of any accident to or sickness of a member of a society to whom the contract policy or scheme applies or in the event of any accident to or sickness of a member's spouse or domestic partner to whom the contract policy or scheme applies moneys will be available for or towards the discharge of the member's liability to the society, then the society shall be empowered—