Co-operatives National Law (Queensland)
sec.157Shares to be forfeited if membership cancelled
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sec.157 Shares to be forfeited if membership cancelled
If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member’s membership is cancelled under section 156 . The board’s declaration has the effect of forfeiting the shares concerned. Nothing in this section affects the operation of section 163 . (sec.157-ssec.1) If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member’s membership is cancelled under section 156 . (sec.157-ssec.2) The board’s declaration has the effect of forfeiting the shares concerned. (sec.157-ssec.3) Nothing in this section affects the operation of section 163 .