sch.6-sec.18Rights and liabilities of members under bankruptcy or mental incapacity

sch.6-sec.18 Rights and liabilities of members under bankruptcy or mental incapacity

If a person’s membership ceases because of bankruptcy, the value of the person’s membership interest calculated in accordance with rule 17 may be transferred to the Official Trustee in Bankruptcy. A person appointed under a law of a State or Territory to administer the estate of a member who, through mental or physical infirmity, is incapable of managing his or her affairs, may be registered as the holder of the member’s interest in the co-operative and the rights and liabilities of membership vest in that person during the period of the appointment. Upon application by a person appointed to manage the affairs of a member referred to in subrule (2) , the board may decide to suspend some or all active membership obligations if there are grounds to believe that the member’s physical or mental infirmity is temporary. (sch.6-sec.18-ssec.1) If a person’s membership ceases because of bankruptcy, the value of the person’s membership interest calculated in accordance with rule 17 may be transferred to the Official Trustee in Bankruptcy. (sch.6-sec.18-ssec.2) A person appointed under a law of a State or Territory to administer the estate of a member who, through mental or physical infirmity, is incapable of managing his or her affairs, may be registered as the holder of the member’s interest in the co-operative and the rights and liabilities of membership vest in that person during the period of the appointment. (sch.6-sec.18-ssec.3) Upon application by a person appointed to manage the affairs of a member referred to in subrule (2) , the board may decide to suspend some or all active membership obligations if there are grounds to believe that the member’s physical or mental infirmity is temporary.