118Additional circumstances in which membership ceases –

118 Additional circumstances in which membership ceases – co-operatives with share capital In the case of a co-operative that has share capital, in addition to the circumstances in section 117, a member ceases to be a member if: (a) the member's total shareholding is transferred to another person under the rules of the co-operative and the name of the transferee is entered in the register of members in respect of the shareholding; or (b) the member's total shareholding is forfeited under this Law or the rules of the co-operative; or (c) the member's total shareholding is sold by the co-operative under a power conferred by the rules of the co-operative, and the name of the purchaser is entered in the register of members in respect of the shareholding; or (d) the member's total shareholding is purchased by the co-operative under this Law; or (e) the amount paid up on the member's shares is repaid to the member under the rules of the co-operative.

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