Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 3 : Membership of Co-operatives24. Withdrawal of membership |
| (1) | If a co-operative determines that the repayment of a member’s membership shares upon the withdrawal of that member’s membership, would adversely affect its financial well-being, the co-operative may, subject to other legislation and its constitution, defer such payment for a period not exceeding two years. |
[Section 24(1) substituted by section 21 of Notice No. 558, GG 36729, dated 5 August 2013]
| (2) | Unless a co-operative determines otherwise, the withdrawal of a member from the co-operative does not release the member from any debt or obligation to the co-operative or any contract between the member and the co-operative. |