Part 2 — Membership in Cooperatives Division 1 Becoming a Member
43 Reserve fund for missing members
(a) the address of a member whose membership has been
terminated by the directors is unknown to the cooperative
after all reasonable efforts have been made to ascertain it,
and
(b) at least 2 years has pass ed since the membership was
terminated,
the cooperative must transfer all amounts owing to the former
member to a reserve fund, but despite section 41(1)(b) those
amounts are not to include any interest that would have accrued
after the end of the 2 years.
(2) No interest is payable in respect of the amounts owing after 2
years from the date the membership was terminated.
(3) If any amounts are transferred to the reserve fund, the
cooperative must pay those amounts to any person who, within 10
years after the transfer, shows evidence of entitlement satisfactory
to the cooperative.
(4) If no person appears to show the evidence referred to in
subsection (3) within the 10 years, the amounts become the
property of the cooperative and cease to be owned by any other
person.