70Winding up (CNL Part 4.5)

70 Winding up (CNL Part 4.5)

70 Winding up (CNL Part 4.5)

(1) The winding up of the co-operative must be in accordance with Part 4.5 of the Law.

(2) If on the winding up or dissolution there remains any property after the satisfaction of all the co-operative’s debts and liabilities (including the refund of the amounts paid up on the shares), this must be paid to, or distributed among, the members of the co-operative .................... (in proportion to the amount of business conducted with the co-operative over the past ..... years)/(in proportion to the member’s shareholdings). [strike out whichever is inapplicable]

(3) If on the winding up or dissolution there is a deficiency, members are liable to contribute towards the deficiency to the extent of any amount unpaid on the shares held by the member and any charges payable by the member to the co-operative as required by these rules.