Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part IV · Rights and Liabilities of Members
34A. Liability of member limited by subscription or shares
Feedback & supportSubject to subsection (2), the liability of a member, present or past, of a co-operative society shall extend to the nominal value of any share held, or subscribed for, by him.
member
“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;
Where in the by-laws of a co-operative society the amount of the liability of a member is expressed to be greater than the nominal value of any share held or subscribed for by him, then the liability of the member shall extend to such greater amount.
by-laws
“by-laws” means the registered by-laws made by a co-operative society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;