Subject to the Act, the Co-op may, by a resolution of the Directors, redeem any of its shares at the price and on the terms specified by the resolution.
Subject to these Rules and the Act, the Co-op must redeem the shares of a person who withdraws from membership, whose membership is terminated, or whose membership ceases for any reason.
A member is entitled to the amount paid up on the share on redemption by the Co-op.
The Co-op shall have a lien on a member’s shares for a debt or any other amount whatsoever due to the Co-op by the member and the lien will extend to the proceeds of any redemption or sales of the shares.
Despite any other provisions of this Rule, the Directors may, upon 30 days written notice to a member, cause the Co-op to sell or redeem all or a sufficient number of the shares of the member to satisfy the lien of the Co-op.
Upon any sale or redemption of shares, the Directors must apply the proceeds of the sale or redemption in satisfaction of the lien of the Co-op by the member and any surplus or excess from the proceeds will be paid to the member or other person entitled to the shares.