Housing Development Agency Act, 2008
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 3 : Membership of Co-operatives25. Repayment of membership, member loan or membership share |
[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]
