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AUPE GENERAL SERVICES CO-OPERATIVE LTD |
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5 |
SHARES |
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5.1 |
The authorised share capital of the Society shall be $5,000,000.00 which shall be divided into 5,000,000 shares of $1/- each. The capital of the Society may be increased from time to time by a resolution of the General Meeting of the Society. |
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5.2 |
The Founder Member shall hold at least 100,000 shares. Each Institutional Member shall hold at least 10,000 shares. |
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5.3 |
The minimum number of shares prescribed in By-Law 5.2 and By-law 5.4 shall not be withdrawn except on cessation of membership in accordance with By-Law 4.8. Shares in excess of the prescribed minimum may be withdrawn and are transferable, subject to the provisions of the Act and provided that: |
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(a) |
the shares have been held for not less than one year, unless the Board decides otherwise in its absolute discretion; |
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(b) |
the member is free from debt to the Society; |
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(c) |
the Board of Directors approves the transferee and sanctions the withdrawal or transfer; |
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(d) |
the transfer shall not take effect until the name of the transferee has been entered in the Share Register and such fee as the Board of Directors shall prescribe for the transfer has been paid; |
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(e) |
the transfer shall not be registered until the application signed by the duly authorised representatives of the transferor and transferee has been received by the Board of Directors and the transfer form has been signed by both parties; |
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(f) |
the Board of Directors may at any time suspend the right of withdrawal or transfer of shares by resolution which shall take immediate effect subject to ratification at the next General Meeting. |
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5.4 |
Subject to By-laws 9.3 and 9.4, the value of the shares, bonus shares or bonus certificates payable to a withdrawing member shall not be more than the nominal value of the shares, bonus shares or bonus certificates or what they are worth as indicated by the net-asset backing of the shares, bonus shares or bonus certificates based on the last audited balance sheet of the Society, whichever is the less, after deducting any sums due from it to the Society. |
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5.5 |
In the case of the dissolution or deregistration of the Founder Member or an Institutional Member, the Society shall: |
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(a) |
redeem the shares held by such member and pay the authorised or legal representative of the defunct body; or |
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(b) |
transfer the shares held by such member in accordance with By-Law 5.3. |
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