Part 5 — Capital Structure Division 1 Membership Capital
102 Issuance to members
membership shares may only be issued to members, each of whom
must hold the minimum number of membership shares specified in
the bylaws.
(2) A member is the holder of a membership share of a cooperative
when, according to the members register of the cooperative, the
member is the owner of the membership share or is entitled to be
entered in the members register as the owner of the membership
share.
(3) Subject to Part 18, the membership shares of a cooperative
confer on their holders equal rights, including equal rights
(a) to receive dividends declared on membership shares, and
(b) subject to the articles, to receive the remaining property of
the cooperative on dissolution.
(4) The articles may not include any preference, right, condition,
restriction, limitation or prohibition on membership shares, except
as provided for by this Act.
(5) A transfer of membership shares is valid only if it complies
with section 48.
(6) The right to vote attaches to membership in accordance with
section 34, not to a membership share.
(7) Subject to sections 128 and 131, membership shares may be
redeemed by the cooperative.