Common use of Redemption of Shares of a deceased member Clause in Contracts

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 and of the Rules, redeem those Shares.

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 Act and of the RulesAct, redeem those Sharesshares 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.

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 and of the Rules, redeem those Shares.