24. Charge and set-off in respect of shares or interest of members

Terms defined in s 2

• dividend

  dividend

  Defined · s 2

  “dividend” means a portion of the net surplus or the reserves (if approved under section 72A) of a society distributed among the members of the society in proportion to either or both of the following:(a)the paid‑up share capital held by the members in the society;(b)the subscription capital held by the members in the society;

  Open s 2
• member

  member

  Defined · s 2

  “member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;

  Open s 2
• patronage refund

  patronage refund

  Defined · s 2

  “patronage refund” means a portion of the net surplus of a society distributed among its members in proportion to the volume of business done by them with the society from which the surplus of the society was derived;

  Open s 2
• share

  share

  Defined · s 2

  “share” means a unit of the share capital or subscription capital of a society;

  Open s 2
• society

  society

  Defined · s 2

  “society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;

  Open s 2