22. Lien and set-off in respect of share, return or interest of members

Terms defined in s 2

• co-operative society

  co-operative society

  Defined · s 2

  “co-operative society” means an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise which is registered under this Act;

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• dividend

  dividend

  Defined · s 2

  “dividend” means a share of the profits of a co-operative society divided amongst its members in proportion to the share or subscription capital held by them;

  Open s 2
• member

  member

  Defined · s 2

  “member” includes a person or a co-operative society joining in the application for the registration of a co-operative society and who has signed the minutes of the inaugural general meeting of the co-operative society and a person or co-operative society admitted to membership of the co-operative society in accordance with the regulations and its by-laws after registration;

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• patronage rebate

  patronage rebate

  Defined · s 2

  “patronage rebate” means a share of the profits of a co-operative society divided among its members in proportion to the volume of business done with the co-operative society by them from which such profits were derived;

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• return

  return

  Defined · s 2

  “return” includes any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given in relation to any dealing, transaction or instrument;

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• share

  share

  Defined · s 2

  “share” means a share in the share capital of a co-operative society contributed by a member in respect of his membership in that co-operative society;

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• subscription

  subscription

  Defined · s 2

  “subscription” means the sum contributed at regular intervals by a member in respect of his membership in a co-operative society and may not be withdrawn except under such conditions as laid down in the by-laws or on a termination of membership;

  Open s 2