Co-operative Societies Act 1979 · 2020 Revised Edition · Part 6 · Property and Funds of Societies
66A. Ordinary shares
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A society may issue ordinary shares.
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
A member of a society must hold the minimum number of ordinary shares of the society specified in the by‑laws of the society.
member
“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;
The member may withdraw or transfer the ordinary shares which the member is required to hold under subsection (2) only when the member ceases to be a member of the society.
Where a member of a society holds ordinary shares of the society in excess of the minimum number the member is required to hold under subsection (2), the member may withdraw or transfer the excess shares in accordance with this Act and the by‑laws of the society.
by-laws
“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;