Western Australian Current Acts Western Australian Current Acts (1) If a person has a
relevant interest in a share of a co-operative in contravention of this
Division that is not remedied within 14 days of a notice of that contravention
being issued by the board, the board of the co-operative must declare to be
forfeited enough of the shares in which the person has a relevant interest to
remedy the contravention.
(2) The shares to be
forfeited are —
(a) the
shares nominated by the person for the purpose; or
(b) in
the absence of such a nomination, the shares in which the person has had a
relevant interest for the shortest time.
(3) A declaration of
the board that shares are forfeited operates to forfeit the shares concerned.
(4) On forfeiture of
the shares, section 295(1)(b) ceases to apply in relation to the
contravention.
(5) Sections 127 to
129 apply to shares forfeited under this section as if the shares had been
forfeited under Part 6.