Housing Development Agency Act, 2008
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 3 : Membership of Co-operatives26. Powers of registrar in case of reduced number of members |
| (1) | If the membership of a co-operative is reduced to a number less than the number required for registration, and after six months it remains less than that number— |
| (a) | the co-operative is deemed to be de-registered in terms of this Act; |
| (b) | the co-operative must convert into another legal entity, in accordance with the provisions of Chapter 8, or be wound up in accordance with the provisions of Chapter 9; and |
| (c) | the members of the co-operative may be held personally liable for any loss or damage which may occur as a result of any subsequent activities of the co-operative. |
| (2) | In the event of a co-operative converting into another legal entity as contemplated in subsection (1)(b), the registrar must publish the change of status in a publication generally available to the public in the area where the majority of the members of the co-operative live. |
