Termination of Membership

A person ceases to be a member of the Society-

(a) on death;

(b) if he applies for bankruptcy or is declared a bank-rupt;

(d) on the withdrawal or transfer of all his shares;

(e) on the compulsory acquisition of his shares pursuant to Section 113 of the Act;

(f) on expulsion form the Society as provided in Section 28 and 29 of the Act; or

(g) if, subject to as hereinafter provided, he ceases to be qualified in accordance with By-Law 13.

(h) on expulsion from the Society in accordance with by-law 14(c).

No member shall resign while he is a borrower, an Endorser, (co-maker), or a guarantor on any loan due the Society.

Any member who –

(a) fails to pay any contribution or debt due to the Society,

(b) is convicted of a criminal offence involving dishonesty, or

may have his membership terminated by at least two-thirds (2/3) vote of the Directors present at a meeting call for purpose. The member shall be given ten (10) days notice of the meeting together with the grounds for the termination and is given the opportunity to make answer in accordance with Section 28 of the Act.

Notwithstanding the above, membership may be terminated by a vote of at least two-thirds (2/3) of the members present at a general meeting by a charge communicated to the member in writing at least ten (10) days before the meeting in accordance with Section 29 of the Act.

A member whose membership has been terminated may appeal the termination pursuant to Section 31 of the Act.

Subject to Section 31 of the Act, after payment of any Amount due to the Society or of any contingent liability to the Society, all amount held to the credit of members who withdraw or whose membership has been terminated, shall be paid to them in order of termination, but only as funds are available and within one year after withdrawal or termination.

The Society shall keep a Register of its members in Accordance with Section 25 of the Act.