Part 5 — Capital Structure Division 1 Membership Capital
103 Division 2 Certificates Issue of membership certificates
certificates need be issued in respect of membership shares or
member loans.
(2) On the request of a member, a cooperative must issue a
statement of the number of membership shares held by, or the
amount of any member loan of, the member.
(3) Where a cooperative issues certificates in respect of
membership shares or member loans, the face of each certificate
that the cooperative issues after the coming into force of this
section must contain
(a) the name of the cooperative,
(b) a statement that the cooper ative is subject to this Act,
(c) the name of the person to whom it is issued,
(d) a statement that the certifi cate represents membership shares
in, or member loans to, the cooperative, and the number of
membership shares or the amount of the member loans,
(e) a statement that the certifi cate is not transferable without the
approval of the directors, and
(f) a statement that there is a charge on the membership shares
or member loans represented by the certificate in favour of
the cooperative for any indebtedness of the member to the
cooperative.
(4) Each member is entitled to a certificate of membership.