Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 6 : Capital Structure42. Issue of certificates in respect of membership shares or member loans |
| (1) | Unless the constitution of a co-operative provides otherwise, a member is entitled to a certificate in respect of— |
| (a) | membership shares issued to that member; and |
| (b) | member loans made by that member. |
| (2) | The face of each certificate issued in terms of subsection (1) must state— |
| (a) | the name of the co-operative; |
| (b) | that the co-operative is subject to this Act; |
| (c) | the name of the person to whom it is issued; and |
| (d) | that the certificate represents membership shares in, or member loans to, the co-operative and the number of the membership shares or the amount of the member loans. |
| (3) | If the constitution of a co-operative does not require the issue of certificates, the co-operative must, on the request of a member, issue a statement of— |
| (a) | the number of membership shares held by the member; and |
| (b) | the amount of any member loan made by the member. |