Coop rules/7 Transfer of Shares

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Contents

Part 7 -- Transfer of Shares

Requirements of instrument of transfer

(Rule 28)

  1. An instrument of transfer of any shares in the association must
    1. be in writing,
    2. be executed and dated both by the transferor and transferee, or an attorney authorized in writing by the transferor or transferee, as applicable, and
    3. be approved by special resolution of all members.
  2. The transferor remains the holder of the shares until the name of the transferee is entered in the register of members or the register of investment shareholders.

Form of transfer

(Rule 29) Shares in the association may be transferred in accordance with #Requirements of instrument of transfer (Rule 28) by filling out and signing the following form, or in another usual or common form approved by the directors:

I, ..........................[transferor], of .......................... [address of transferor] in consideration of the sum of $...... paid to me by .......................... [transferee], of .......................... [address of transferee], do transfer to the transferee .......... [number and class] shares in the .........................., to be held by the transferee or his or her personal representatives and assignees, subject to the conditions on which I held the same at the time of the execution; and I, the transferee, agree to take the shares subject to those conditions.

Signed on .......................................................................... (year, month, day)

(Signature of transferor)...................................................................................

Signature of transferee)...................................................................................

(Signature of witness)......................................................................................

Effective date of transfer of shares

(Rule 30) A transfer of shares does not take effect until

  1. all borrowed shares made in accordance with #Payment for shares (Rule 23) (4) are repaid,
  2. any lien of the association on the shares has been satisfied,
  3. the transfer has been authorized by the directors, and
  4. the name of the transferee is entered in the register of members or the register of investment shareholders.

Registering a transfer

(Rule 31) The directors must immediately enter the name of the transferee in the register of members or the register of investment shareholders when, with respect to the transfer of a share,

  1. the requirements set out in #Requirements of instrument of transfer (Rule 28) have been met, and
  2. a duly executed instrument of transfer has been delivered to the association.

Effect of lien on transfer or assignment of shares

(Rule 32) The association may refuse to register a transfer or acknowledge an assignment of membership shares, investment shares, dividends or interest affected by a lien established by The Cooperative Association Act.

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