The articles may provide that in case of death of a member, the admission of one or several heirs or a successor of the latter to the cooperative, provided that they share the common bond. The articles shall prescribe the terms for admission.
Admission or refusal of admission shall be made within a period which may not exceed three months from the receipt of the request. Failing to respond within the time limit, the admission shall be deemed granted.
The decision of admission or rejection shall be notified to each heir or successor concerned in writing.
Sub-section 2: Unseizability and pledging of shares
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 58
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 221 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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