The amount of the membership shares must be fully paid upon subscription.
However, the articles of a cooperative may authorize the payment of a quarter at subscription, the balance being payable insofar according to the needs of the cooperative in the proportions and deadlines set by the board of directors.
Such time limits may not exceed three years from the date on which the subscription became final.
The ordinary general meeting shall have the option to stop pursuing the collection of amounts due for the payment of a member’s shares. In this case, the defaulting member shall be excluded automatically after a formal notice sent by any means leaving a written record and failure to pay within three months from the date of receipt of the said letter.
Only members who are current in their payments shall be entitled to vote in general meetings and may be part of the board of directors.
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 94
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 384 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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