Northern Territory Consolidated Acts Northern Territory Consolidated Acts68. Additional circumstances in which membership ceases -
co-operatives with
share capital
In the case of a co-operative that has a share capital, in addition to those circumstances in section 67, a member ceases to be a member if:
(a) the member's share is transferred to another person in accordance with the rules of the co-operative, and the transferee is registered as holder in his or her place;
(b) the member's share is forfeited in accordance with this Act or the rules of the co-operative;
(c) the member's share is sold by the co-operative under a power conferred by the rules of the co-operative, and the purchaser is registered as holder in his or her place;
(d) the member's share is purchased by the co-operative in accordance with this Act; or
(e) the amount paid up on the member's shares is repaid to the member in accordance with the rules of the co-operative.