SECTION 11

The member may withdraw from a cooperative only by sending a written notice thereto. The withdrawal shall take effect on the date stated in the notice or on the date on which the cooperative receives the notice. The administrative committee of the cooperative shall record the withdrawal of the member in writing. In the year following the effective date of a notice of withdrawal, the cooperative shall reimburse all membership shares held by the withdrawing member in accordance with the price of determined by the Articles of Association. The cooperative shall also reimburse to the member all loans and other sums held to the member’s credit, all amounts outstanding on loans made to the cooperative by the member together with any interest accrued on these amounts up to the date of the payment. Where the management committee holds that reimbursement of membership shares or repayment of membership loans would adversely affect the financial well-being of the cooperative, the management committee or the board of directors may direct that the reimbursement or repayment shall take place after two years through a reasoned decision, which can be appealed before the competent court. In case the member owes the cooperative, the outgoing member shall remain until the clearance of his debt. In this case, the management committee of the cooperative shall set terms and conditions of repayment of his debt to the cooperative at the time his withdrawal is being recorded. The member shall be and remain jointly liable for the cooperative’s debts contracted before his withdrawal under the conditions set forth in Articles 47, 48 and 50 herein as well as by the Articles of Association. Sub-section 3: Termination of membership Paragraph 1: General provisions