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Co-Operative Societies Act 2008

18. Unclaimed amounts in case of terminated membership

Where the amount held to the credit of a member whose membership has been terminated-

a.      the society must send a notice to the last known address of the terminated member setting out the amount of and the consequence for not claiming the funds held;

b.     if the amount is less than $25, the society may add that amount to its income from operations; or

c.      if the amount is $25 or more, the society shall place that amount in a special reserve fund, the member may claim the funds without interest up to 10 years after the date of the notice in (a) being sent but after such time the funds in the special reserve fund not claimed shall escheat to the Crown.

Cooperative Societies Act, 2008 Back

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