Irish Aubrac Cattle Breed Society Limited
18. UNTRACEABLE MEMBERS
a) If at any time a Member has not throughout the immediately preceding period of six years:
(i) traded with the Society, or
(ii) subscribed to the share capital of the Society or made any loan to it, or
The Council may, subject to the following paragraphs of this Rule suspend his membership rights
in relation to his Shares and transfer to a Reserve Account any sums of money representing
interest or dividend credited to the Member in the books of the Society in respect of his Shares.
b) The Council shall not suspend the membership rights of any such Member or forfeit or transfer
any sum under this Rule unless it has:
(i) sent a notice to the Member stating that it is proposed to suspend rights and setting out
the reasons therefor and specifying the sums to be transferred to a Reserve Account and
requesting a reply from the Member within three months;
(ii) on expiry of the said three month period, without the Member having written to object
to the proposed suspension of his membership rights, send a further notice to the
Member that in the absence of objection by the Member his rights will be suspended after
the expiry of three months from the sending of that notice and that the sums as specified
in the notice will be transferred to a Reserve Account; and
(iii) after sending such further notice and before suspending the membership rights and
transferring the sums aforesaid, on the expiry of such three month period, not received
any written objections from the Member to the suspension of the rights or the forfeiture
or transfer of the sums as the case may be.
c) A notice under the preceding paragraph shall be sent to the Member by registered post or
recorded delivery at his registered address and any other address at which he is at the time
of sending of the notice known by any Council Member to reside and made known to the
Council by that Council member and shall include a statement to the effect that if a Member
objects to a suspension of his membership rights, he should send his objection in writing to
the Society at its registered office within three months of the sending of the notice.
d) Where membership rights have been cancelled and sums transferred to a reserve account
under this Rule no dividend or interest payments shall be payable on such sums from the date
on which the Council shall have suspended the membership rights. If within 3 years from the
date on which the Member’s rights were suspended an application is made by any person who
would have been entitled to such rights the Council may at its option either: In the latter case the said Shares shall be cancelled.
e) Where no application is made within the three year period referred to in paragraph (d) of this
Rule, it shall be lawful and competent for the Council by resolution to cancel the said Shares
and upon such resolution being passed the said Shares will be deemed for all purposes to have
been cancelled and annulled and entry to that effect will be made in the Register of Members
and no claim shall lie against the Council or against the Society in respect thereof and all
monies credited to the said Shares and interest thereon shall be transferred to a reserve
account of the Society.
f) Any procedure analogous to those described above commenced or taken by the Society or its
predecessor Societies prior to the date of registration of these Rules in respect of Members
shall be deemed to have been commenced or taken by the Society under this Rule and may
be completed by the Society accordingly.
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