157Shares to be forfeited if membership cancelled

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157 Shares to be forfeited if membership cancelled

(1) If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member’s membership is cancelled under section 156.

(2) The board’s declaration has the effect of forfeiting the shares concerned.

(3) Nothing in this section affects the operation of section 163.

Section 157 - Co-operatives National Law Application Act 2013 - Shares to be forfeited if membership cancelled | Zoe