Co-operatives National Law (Queensland)
sec.118Additional circumstances in which membership ceases—co-operatives with share capital
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sec.118 Additional circumstances in which membership ceases—co-operatives with share capital
In the case of a co-operative that has share capital, in addition to the circumstances in section 117 , a member ceases to be a member if— the member’s total shareholding is transferred to another person under the rules of the co-operative and the name of the transferee is entered in the register of members in respect of the shareholding; or the member’s total shareholding is forfeited under this Law or the rules of the co-operative; or the member’s total shareholding is sold by the co-operative under a power conferred by the rules of the co-operative, and the name of the purchaser is entered in the register of members in respect of the shareholding; or the member’s total shareholding is purchased by the co-operative under this Law; or the amount paid up on the member’s shares is repaid to the member under the rules of the co-operative.
- (a) the member’s total shareholding is transferred to another person under the rules of the co-operative and the name of the transferee is entered in the register of members in respect of the shareholding; or
- (b) the member’s total shareholding is forfeited under this Law or the rules of the co-operative; or
- (c) the member’s total shareholding is sold by the co-operative under a power conferred by the rules of the co-operative, and the name of the purchaser is entered in the register of members in respect of the shareholding; or
- (d) the member’s total shareholding is purchased by the co-operative under this Law; or
- (e) the amount paid up on the member’s shares is repaid to the member under the rules of the co-operative.