Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 24

Members of societies

24. Members of societies



(1) The members of a society which is formed under this Act shall be the
persons who sign the application for membership on the formation of the
society, and any other persons who are admitted to membership in accordance
with this Act and the rules of the society.

(2) No rights of membership shall be exercised by any member until he has made
such payment to the society in respect of membership or acquired such share or
interest as is provided in the rules of the society in that behalf.





(3) A person shall cease to be a member in any of the following circumstances,
that is to say-

   (a)  where his shares are transferred to another person in accordance with
        the rules of the society, and the transferee is registered as holder
        in his place;

   (b)  where his shares are forfeited in accordance with the rules of the
        society;

   (c)  where any power of sale (whether expressed or implied) in any mortgage
        given by the member to the society is exercised by the society;

   (ca) where the mortgage given by the person to the society is assigned or
        transferred by the society (unless there is another mortgage given by
        the person);

   (d)  where he becomes bankrupt or insolvent under any law relating to
        bankruptcy or insolvency and the official receiver or assignee
        disclaims in accordance with the provisions of such law;

   (e)  on death:

Provided that the estate of the deceased person shall remain liable and his
executor or administrator shall be and may be registered as the holder of the
shares as such executor or administrator (whether eligible to be a member of
the society or not) until some eligible person is registered as the holder of
the shares by transfer from the executor or administrator or until the shares
are withdrawn or discharged in accordance with this Act and the rules of the
society, and while any such executor or administrator is so registered he
shall be deemed to be and shall have the rights and obligations of a member of
the society for all purposes other than voting at meetings of the society and
becoming a director thereof;

   (f)  where the contract of membership is rescinded on the ground of
        misrepresentation or mistake;

   (g)  where he ceases to be a member in accordance with the rules of the
        society;

   (h)  where the value of his shares is repaid or a refund in respect of his
        subscriptions is made to him in accordance with the rules of the
        society.

(4) Where shares are held by the executor or administrator of a deceased
member, the Board may in its discretion by notice in writing to the executor
or administrator call upon him to transfer the shares to an eligible person or
to withdraw or discharge the shares within six months after receipt of the
notice or within such further time as the Board may in any particular case
allow, and unless the shares are so transferred withdrawn or discharged they
may at the discretion of the society be forfeited and dealt with as forfeited
shares in accordance with this Act and the rules of the society.

(5) Where a person becomes the trustee within the meaning of the Commonwealth
Act known as the Bankruptcy Act 1966 as amended from time to time of the
estate of a member or deceased member the trustee may be registered as the
holder of the shares of the member as such trustee (whether eligible to be a
member of the society or not) until some eligible person is registered as the
holder of the shares by transfer from the trustee or until the shares are
withdrawn or discharged in accordance with the provisions of this Act and the
rules of the society and while the trustee is so registered he shall be deemed
to be and shall have the rights and obligations of a member of the society for
all purposes other than voting at meetings of the society and becoming a
director thereof.