364Shares to be forfeited to remedy contravention

#### 364 Shares to be forfeited to remedy contravention 364 Shares to be forfeited to remedy contravention > > (1) If a person has a relevant interest in a share of a co-operative in contravention of this Division that is not remedied within 14 days of a notice of that contravention being issued by the board, the board of the co-operative must declare to be forfeited enough of the shares in which the person has a relevant interest to remedy the contravention. > > > (2) The shares to be forfeited are— > > > > > (a) the shares nominated by the person for the purpose; or > > > > > (b) in the absence of that nomination, the shares in which the person has had a relevant interest for the shortest time. > > > (3) A declaration of the board that shares are forfeited operates to forfeit the shares concerned. > > > (4) Sections 163, 164 and 165 apply to shares forfeited under this section as if the shares had been forfeited under Part 2.6.