117Circumstances in which membership ceases—all co-operatives

117 Circumstances in which membership ceases—all co-operatives

117 Circumstances in which membership ceases—all co-operatives

(1) A person ceases to be a member of a co-operative in each of the following circumstances and as otherwise provided by this Law—

(a) if the member’s membership is cancelled under Part 2.6;

(b) if the member is expelled or resigns under the rules of the co-operative;

(c) if—

(i) the individual member becomes bankrupt or the corporate member becomes insolvent; or

(ii) the member’s property becomes subject to control under the law relating to bankruptcy;

unless provision is made to the contrary in the rules of the co-operative;

(d) on the death of the member;

(e) if the contract of membership is rescinded on the ground of misrepresentation or mistake;

(f) for a member that is a corporation—if the corporation is deregistered.

(2) On the death of a member, the member’s estate remains liable as the member until the member’s personal representative or some other person is registered in the member’s place.