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Co-Operative Societies Act 2008


111. Purchase of shares

1.     Subject to this section, a society may purchase or otherwise acquire any of its shares tható

a.     are available for compulsory purchase pursuant to section 113; or

b.    are offered for sale.

2.     Subject to subsection (4), a society shall pay in cash, within one year of the date of purchase, for any shares purchased pursuant to subsection (1).

3.     Subject to subsection (4), a society shall pay a purchase price for a share purchased pursuant to this section equal to the par value of the share at the date of purchase together with any dividends declared but unpaid with respect to the share.

4.     Subject to subsection (5), where a society purchases or otherwise acquires shares issued by it, those shares are deemed to be cancelled.

5.     Where the by- a society limit the number of shares, any shares of the society purchased or otherwise acquired by the society may be treated as unissued shares.



Co-Operative Societies Act 2008 Back




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