Redemption of Shares of a deceased member. If the person entitled to the shares of a deceased member does not qualify for membership under Rule 2 or the Directors do not approve the transfer of shares to that person, the Co-op must, subject to the provisions of the Act, redeem those shares by paying to that person, within 60 days of the date on which the person provided the Co-op with proof of their entitlement, the amount paid up on shares.
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Samples: Rules of Sunkatchers r.v. Park Co Operative, Rules of a Housing Cooperative
Redemption of Shares of a deceased member. If the person entitled to the shares Shares of a deceased member does not qualify for membership under Rule 2 or the Directors do not approve the transfer of shares Shares to that person, the Co-op must, subject to the provisions of the ActAct and of the Rules, redeem those shares by paying to that person, within 60 days of the date on which the person provided the Co-op with proof of their entitlement, the amount paid up on sharesShares.
Appears in 2 contracts
Samples: Rules of Cooperative Housing Association, Rules of Byrne Creek Housing Co Operative
Redemption of Shares of a deceased member. β If the person entitled to the shares Shares of a deceased member does not qualify for membership under Rule 2 or the Directors do not approve the transfer of shares Shares to that person, the Co-op must, subject to the provisions of the ActAct and of the Rules, redeem those shares by paying to that person, within 60 days of the date on which the person provided the Co-op with proof of their entitlement, the amount paid up on sharesShares.
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