NTIn ForceAct
Co-operatives (National Uniform Legislation) Act 2015
157Shares to be forfeited if membership cancelled
Start here
Get a plain-English read of 157
Turn the raw legal text into a practical explanation grounded in Co-operatives (National Uniform Legislation) Act 2015.
157 Shares to be forfeited if membership cancelled (1) If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member's membership is cancelled under section 156. (2) The board's declaration has the effect of forfeiting the shares (3) Nothing in this section affects the operation of section 163.