Intellectual Property Rights from Publicly Financed Research and
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 6 : Capital Structure41. Membership shares |
| (1) | The constitution of a co-operative may provide for membership shares to be issued to members. |
| (2) | Each member must at all times hold the minimum number of membership shares prescribed by the constitution. |
| (3) | The constitution may permit additional membership shares to be issued to members. |
[Section 41(3) substituted by section 31 of Notice No. 558, GG 36729, dated 5 August 2013]
| (4) | All membership shares issued must be of the same class and ranking for all purposes including rights, liabilities and interest payments. |
[Section 41(4) substituted by section 31 of Notice No. 558, GG 36729, dated 5 August 2013]
| (5) | Interest on membership shares is only payable on membership shares, or that portion of membership shares, that are paid up. |
[Section 41(5) substituted by section 31 of Notice No. 558, GG 36729, dated 5 August 2013]
| (6) | A transfer of membership shares is valid only if it complies with section 25 and any restrictions set out in the constitution. |
