sec.124Entry fees and regular subscriptions

sec.124 Entry fees and regular subscriptions

The rules of a co-operative may— require the payment by members of entry fees and regular subscriptions; and provide for the repayment of the fees and subscriptions on a person’s ceasing to be a member. 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. 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. A person who becomes a member of the co-operative is not liable to pay entry fees or regular subscriptions except— the fees or subscriptions of which the person was given written notice before becoming a member; and any regular subscriptions that are imposed in accordance with the rules of the co-operative and of which the member has been given notice. (sec.124-ssec.1) The rules of a co-operative may— require the payment by members of entry fees and regular subscriptions; and provide for the repayment of the fees and subscriptions on a person’s ceasing to be a member. (sec.124-ssec.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. (sec.124-ssec.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. (sec.124-ssec.4) A person who becomes a member of the co-operative is not liable to pay entry fees or regular subscriptions except— the fees or subscriptions of which the person was given written notice before becoming a member; and any regular subscriptions that are imposed in accordance with the rules of the co-operative and of which the member has been given notice.

• (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.
• (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.