Definitions

(19) “financial year” means the twelve months accounting period as provided for in the articles of association of a cooperative, for which the annual statements of accounts are prepared for placement at the annual general meeting of that cooperative ; (1) A person shall cease to be a member on death or on incurring such disqualification as may be specified in the articles of association. (2) Every cooperative shall inform, in the event of the death of the member, the nominee of the member, and in every other instance, the member, about the cessation of membership for the statement of accounts.