sec.117Circumstances in which membership ceases—all co-operatives

sec.117 Circumstances in which membership ceases—all co-operatives

A person ceases to be a member of a co-operative in each of the following circumstances and as otherwise provided by this Law— if the member’s membership is cancelled under Part 2.6 ; if the member is expelled or resigns under the rules of the co-operative; if— the individual member becomes bankrupt or the corporate member becomes insolvent; or 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is made to the contrary in the rules of the co-operative; on the death of the member; if the contract of membership is rescinded on the ground of misrepresentation or mistake; for a member that is a corporation—if the corporation is deregistered. 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. (sec.117-ssec.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— if the member’s membership is cancelled under Part 2.6 ; if the member is expelled or resigns under the rules of the co-operative; if— the individual member becomes bankrupt or the corporate member becomes insolvent; or 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is made to the contrary in the rules of the co-operative; on the death of the member; if the contract of membership is rescinded on the ground of misrepresentation or mistake; for a member that is a corporation—if the corporation is deregistered. (sec.117-ssec.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.

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