124Entry fees and regular subscriptions

124 Entry fees and regular subscriptions

124 Entry fees and regular subscriptions

(1) The rules of a co-operative may—

(a) require the payment by members of entry fees and regular subscriptions; and

(b) provide for the repayment of the fees and subscriptions on a person’s ceasing to be a member.

(2) The calculation of the amount of a particular member’s regular subscription may be based on the value of business the member does with the co-operative or on profits earned by the co-operative on business done by the member with the co-operative.

(3) A co-operative must give to any person intending or applying to become a member written notice of entry fees or regular subscriptions payable by a member to the co-operative.

(4) A person who becomes a member of the co-operative is not liable to pay entry fees or regular subscriptions except—

(a) the fees or subscriptions of which the person was given written notice before becoming a member; and

(b) any regular subscriptions that are imposed in accordance with the rules of the co-operative and of which the member has been given notice.