Co-operatives National Regulation (Queensland)
sch.6-sec.11Monetary consequences of expulsion or resignation (CNL s128)
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sch.6-sec.11 Monetary consequences of expulsion or resignation (CNL s128)
If a member is expelled or resigns from the co-operative, all amounts owing by the former member to the co-operative become immediately payable in full. Subject to section 128 of the Law, payment to the expelled or resigning member of any amount owing by the co-operative to the former member: must be made at the time decided by the board but within one year from the date of expulsion or resignation; or may be applied at the time decided by the board, but within one year from the date of expulsion or resignation, in the manner set out in section 128 of the Law, if there is agreement by the board and former member or if the board considers that repayment would adversely affect the financial position of the co-operative. (sch.6-sec.11-ssec.1) If a member is expelled or resigns from the co-operative, all amounts owing by the former member to the co-operative become immediately payable in full. (sch.6-sec.11-ssec.2) Subject to section 128 of the Law, payment to the expelled or resigning member of any amount owing by the co-operative to the former member: must be made at the time decided by the board but within one year from the date of expulsion or resignation; or may be applied at the time decided by the board, but within one year from the date of expulsion or resignation, in the manner set out in section 128 of the Law, if there is agreement by the board and former member or if the board considers that repayment would adversely affect the financial position of the co-operative.
- (a) must be made at the time decided by the board but within one year from the date of expulsion or resignation; or
- (b) may be applied at the time decided by the board, but within one year from the date of expulsion or resignation, in the manner set out in section 128 of the Law, if there is agreement by the board and former member or if the board considers that repayment would adversely affect the financial position of the co-operative.