Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 3 : Membership of Co-operatives23. Liability of members |
| (1) | The liability of a member of a co-operative is limited to an amount equal to the nominal value of the shares, for which the member has not paid, that the member holds in the co-operative. |
| (2) | In co-operatives where members do not hold shares, members are only liable for such amount as is owed to the co-operative in terms of their membership agreement. |
[Section 23 substituted by section 20 of Notice No. 558, GG 36729, dated 5 August 2013]