118Additional circumstances in which membership ceases—co-operatives with share capital

118 Additional circumstances in which membership ceases—co-operatives with share capital

In the case of a co-operative that has share capital, in addition to the circumstances in section 117, a member ceases to be a member if:

(a) the member’s total shareholding is transferred to another person under the rules of the co-operative and the name of the transferee is entered in the register of members in respect of the shareholding; or

(b) the member’s total shareholding is forfeited under this Law or the rules of the co-operative; or

(c) the member’s total shareholding is sold by the co-operative under a power conferred by the rules of the co-operative, and the name of the purchaser is entered in the register of members in respect of the shareholding; or

(d) the member’s total shareholding is purchased by the co-operative under this Law; or

(e) the amount paid up on the member’s shares is repaid to the member under the rules of the co-operative.