11.1 Procedure on death of a member

The person entitled to the shares of a deceased member, on providing proof satisfactory to the Directors of the death of the member and the person’s entitlement, may:

[a]  if the person is not a member but is residing in the Unit as their principal residence on a full-time basis, apply under Rule 2 for membership in the Co-op;

[b]  apply to the Directors to redeem the shares.

11.2 Redemption of shares of a deceased member

If the person entitled to the shares of a deceased member does not qualify for membership under Rule 2 or the Directors do not approve the transfer of shares to that person, the Co-op must, subject to the provisions of the Act, redeem those shares by paying to that person, within 60 days of the date on which the person provided the Co-op with proof of their entitlement, the amount paid up on shares.

11.3 Redemption of shares on bankruptcy

If a member becomes bankrupt, the Directors may in their absolute discretion, but need not redeem the shares of that person.