109Cancellation of shares

109 Cancellation of shares

A co-operative must cancel any share purchased by or forfeited to the co-operative under this Law or the rules of the co-operative.

Part 2.5 Membership

Division 1 General

110 Becoming a member of co-operative

(1) On the registration of a co-operative, the persons who signed the application for registration become members of the co-operative.

(2) Other persons may be admitted as members of the co-operative as provided by its rules.

(3) A minor may be admitted as a member of the co-operative unless the rules of the co-operative otherwise provide.

(4) A corporation is not (merely because it is a corporation) disqualified from being a member of a co-operative unless the rules of the co-operative provide that corporations are disqualified from being members.

(5) If 2 or more co-operatives merge, the members of the merged co-operative are:

(a) the members of the merging co-operatives; and

(b) other persons admitted as members of the merged co-operative under its rules.