51. To be a member of a cooperative, a person or a partnership must
(1) be in a position to participate in the pursuit of the objects for which the cooperative is incorporated;
(2) apply for membership, except in the case of a founder;
(3) subscribe and pay for the minimum number of common shares of $10 provided for by by-law;
(4) undertake to comply with the by-laws of the cooperative;
(5) be admitted by the board of directors, except in the case of a founder.
Minors at least sixteen years of age may become members of a cooperative and in that respect are deemed of age.