166Register of cancelled memberships

166 Register of cancelled memberships A co-operative must keep a register stating the particulars prescribed by the National Regulations of persons whose membership has been cancelled under this Part. Division 5 Entitlements of former members of distributing 167 Application of Division This Division applies only to distributing co-operatives. 168 Former shareholders to be taken to be shareholders for certain purposes (1) Even though a person's shares in a co-operative have been forfeited under this Part, the person is to be taken to be the holder of shares in the co-operative (the same in all respects as those that were forfeited) for the following purposes: (a) the entitlement of a shareholder in relation to the purchase of shares in the co-operative under an offer described in section 373 (1)(a), (b) or (c) or the purchase of all the shares in the co-operative, if the offer or purchase occurs within 2 years after the person's shares were forfeited; (b) the entitlement of a shareholder when the co-operative becomes registered as a company if the relevant special resolution under section 404 is passed within 2 years after the person's shares were forfeited; (c) the entitlement of a shareholder to a distribution of surplus in a winding up of the co-operative that starts within 2 years after the person's shares were forfeited. (2) Subsection (1)(a) does not apply to: (a) an offer described in section 373(1)(a) or (c) that is made by another co-operative; or (b) the purchase of all the shares in the co-operative by another (3) Subsection (1)(c) does not apply if the winding up is for a merger under Part 4.3.

Co-operatives (National Uniform Legislation) Act 2015 109 (4) The entitlement under subsection (1)(a) of a person whose shares have been forfeited does not include an entitlement to vote on any matter. (5) This section does not apply to a forfeited shareholding in a co-operative if section 169 operates so as to require the forfeited shareholding to be regarded as a forfeited shareholding in another