Housing Development Agency Act, 2008
R 385
Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part III : Funds and Business of Bank32. Members of society to remain liable |
| (1) | Despite anything to the contrary in any law, every member of a co-operative society, as defined in section 1 of the Co-operatives Act, 1981 (Act No. 91 of 1981), remains liable after his or her withdrawal from the society for every debt or obligation to the Bank which was— |
| (a) | incurred by the society while he or she was a member thereof; and |
| (b) | undischarged at the date of that withdrawal, |
until the Bank has given a certificate to the effect that it is satisfied that the society and its remaining members are capable of discharging the debt or obligation.
| (2) | The Bank may not delay or refuse the issue of a certificate contemplated in subsection (1) unreasonably. |
