120Rights of membership not exercisable until registered etc

120 Rights of membership not exercisable until registered etc

120 Rights of membership not exercisable until registered etc

(1) A member of a co-operative is not entitled to exercise any rights of membership until—

(a) the member’s name appears in the register of members; and

(b) the member has made any payment to the co-operative for membership or acquired any share or interest that is provided for in the rules of the co-operative.

(2) A co-operative must ensure the name of a person admitted to membership is recorded in the register of members within 28 days after the person is admitted to membership.

Maximum penalty (for subsection (2)): $2,000.