Co-Operative Societies Act 2008

28. Termination of membership by Board

1.      Subject to the by-laws, the Board may, by at least two-thirds vote of the directors present at a meeting called for the purpose, order the termination of the membership of a member from the society.

2.      Where the Board terminates the membership of a member pursuant to this section-

a.      the Board shall-

                      i.         within a period of one year, purchase from the member at par value all shares in the society held by the member; and

                     ii.         pay to the member all amounts held to his credit, together with any interest accrued on those amounts and the amount outstanding on loans made to the society by the member with any interest accrued on those amounts;

a.      

b.     the Secretary of the society shall, within ten days from the date on which the order is made, notify the member of the order;

c.      the member may appeal from the order to the next general meeting of the society by giving written notice of his intention to appeal to the Secretary within thirty days from the date he received notice of the order pursuant to paragraph (b) ; and

d.     where the member appeals pursuant to paragraph (c) a majority, or any greater percentage that may be specified in the by-laws, of the members present at the general meeting shall confirm or rescind the order.

1.     

2.     

3.      Where the address of a member the termination of whose membership is ordered pursuant to subsection (1) is unknown to the society after all reasonable efforts have been made to ascertain his address for the purpose of making payment to him of amounts held to his credit, the society shall transfer those amounts to its Reserve Fund.

4.      Where any amount is transferred pursuant to subsection (3), the society shall pay that amount to the person entitled to it or to his legal representative on proof of his claim that is satisfactory to the society.

5.      Where a society transfers amounts held to the credit of a member pursuant to subsection (3), it shall immediately submit to the Registrar a return showing-

a.      the member’s name;

b.     the member’s last known address; and

c.      the amounts transferred.

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