Irish Aubrac Cattle Breed Society Limited
V. CAPITAL
19. SHARE CAPITAL
The share capital of the Society shall consist of Ordinary Shares of nominal value of 1 EURO each.
Shares may be held by an individual or by a Society or by a Body Corporate and shall rank pari passu.
No member may hold more than one ordinary 1 EURO share in the Society.
The liability of members shall be limited to their shares. No interest or dividend shall be paid on
ordinary shares. Shares shall be neither withdrawable nor transferable. In the event that a person’s
membership ceases under the Rules, his share shall be extinguished and the amount standing to the
credit of the share transferred to a reserve account.
20. RECOVERY OF SHARE VALUE
The Society shall, subject to Rule 16 and this rule, have a first lien on the Share held by any member
and may set off any sum credited thereon towards the payment of any debt due by the member to
the Society; provided, however, that no right shall obtain on the part of any member to set off any
payment made on foot of his shareholding against any debt due by him to the Society.
The Council may sell and transfer any Share standing in the name of a member who is indebted to the
Society, provided a fortnight’s notice in writing has been given to the defaulting member requiring
payment of the amount due and warning the member that if payment is not made within that time
the Council will sell or transfer the shares and apply so much of the proceeds as may be necessary to
the discharge of the debt due together with the necessary expenses incidental to this recovery. A
member in arrears with the calls duly made on his shares shall forfeit all rights of membership,
including attendance at meetings, during the period of his default.
All moneys payable by a member to the Society whether in respect of shares or otherwise, shall be
debts due from such member to the Society and shall be recoverable as such.
21. DISTRIBUTION OF PROPERTY FOLLOWING DEATH INTESTATE
If any member entitled to property in the Society in respect of stock, loans or deposits not exceeding
in the whole at his death €10,000 or such other maximum as may be fixed from time to time by law,
dies intestate without having made any nomination thereof then subsisting, the Council may without
letters of administration distribute the same among such persons as appear to them, on such evidence
as they deem satisfactory to be entitled to receive the same. Where a member, who at the time of
his/her death, is entitled to property in the Society in respect of stock, loans or deposits exceeding in
the whole at his/her death €10,000 or such other figure as may be fixed from time to time by law dies, the Council shall, on production of Probate of his/her will or Letters of Administration to his/her
estate, after satisfying any nomination made by such member, either transfer his/her property in the
Society to the person or persons entitled thereto under his/her will or on his/her intestacy, as the case
may be, or tender to such person or persons any amount due by the Society in respect of stock, loans,
or deposits.
If any member entitled to property in the Society in respect of stock, loans or deposits not exceeding
in the whole at his death €10,000 or such other figure as may be fixed from time to time by law for
the provisions of the first paragraph of this rule, dies and has not made any nomination then
subsisting, but has made a will the Council shall deal with his/her property in accordance with the
provisions of the previous paragraph.
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