Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 21

    (1)     The members of a society formed under this Act shall be the persons who sign the application for membership on the formation of the society and any other persons admitted to membership in accordance with the rules.

    (2)     The members of an amalgamated society shall be the persons who at the date of amalgamation were members of any of the societies parties to the amalgamation, together with any persons admitted to membership in accordance with the rules of the amalgamated society.

    (3)     No rights of membership shall be exercised by any member of a society who has not made any payment to the society or acquired any share or interest that is provided for by the rules of that society.

    (4)     A person shall cease to be a member of a society in any of the following circumstances:

        (a)     if the member's share is transferred to another person in accordance with the rules of the society and the transferee is registered as holder of the share;

        (b)     if the member's share is forfeited in accordance with the rules of the society;

        (c)     if, under a power given by the rules of the society, the member's share is sold by the society and the purchaser is registered as holder of the share;

        (d)     if, under this Act, the society purchases the member's share;

        (e)     if the member is expelled in accordance with the rules of the society;

        (f)     if the member becomes bankrupt and the trustee disclaims under the Bankruptcy Act 1966 (Cwlth), section 133;

        (g)     on death, provided that the member's estate shall remain liable until the member's nominee, executor or administrator or some other person is registered as holder in the member's place, or until the society pays the value of the member's share in accordance with the provisions of this Act;

        (h)     if the contract of membership is rescinded on the ground of misrepresentation or mistake;

              (i)     if the value of the member's share is repaid to him or her in accordance with the rules of the society.