Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 3 : Membership of Co-operatives

25. Repayment of membership, member loan or membership share
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[Section 25 heading substituted by section 22 of Notice No. 558, GG 36729, dated 5 August 2013]

 

Despite any provisions contained in its constitution, if a co-operative determines that the repayment after the death of any member of the co-operative, of the nominal value of—

(a)that member’s membership shares;
(b)any other amounts held to the member’s credit including any member loan; or
(c)any interest accrued on those amounts up to the date of the payment,

would adversely affect its financial well-being, the co-operative may direct that repayment be deferred for a period not exceeding two years after the date of the death of a member of the co-operative.

 

[Section 25 substituted by section 22 of Notice No. 558, GG 36729, dated 5 August 2013]