7Register of memberships cancelled under Part 2.6 of the Law

7 Register of memberships cancelled under Part 2.6 of the Law

7 Register of memberships cancelled under Part 2.6 of the Law

(1) The register of memberships cancelled under Part 2.6 of the Law must contain the following particulars for each member whose membership is cancelled:

(a) the name and address of the member;

(b) if the whereabouts of the member are known:

(i) the date of the member’s last active dealing with the co-operative; and

(ii) the date of giving the required notice to the member;

(c) if the whereabouts of the member are unknown, the date when the required period of the member’s whereabouts being unknown commenced;

(d) the date of the board’s resolution cancelling membership.

(2) The register of memberships cancelled under Part 2.6 of the Law must, if the co-operative has a share capital, contain the following additional particulars for each member whose membership is cancelled:

(a) the amount subscribed in respect of the shares forfeited;

(b) if the whereabouts of the member are unknown and the amount required to be repaid to the member in respect of the cancelled membership exceeds $100:

(i) the date of publication of the required notice in a newspaper; and

(ii) the name of the newspaper;

(c) the date of the board’s resolution forfeiting the shares;

(d) if the date fixed by the board resolution for repayment of the amount paid up on shares is within 12 months of forfeiture:

(i) the date of repayment; or

(ii) the date and nature of the application of the amount under section 163 of the Law;

(e) if the amount due is to be transferred to a debenture, CCU or deposit account:

(i) the date of repayment; and

(ii) the date of transfer to such an account.