38.1. In the case of the death, resignation or expulsion of a member, the cooperative shall, subject to the conditions set out in section 38, repay the sums paid in respect of the member’s common shares. A member shall be presumed to have resigned if he has not done business with the cooperative or taken part in the activities of the cooperative for the last three years and there has been no communication from the member during that period.
Preferred shares are repaid on the conditions determined pursuant to section 46.
1995, c. 67, s. 20; 1997, c. 80, s. 57.