(1) Subject to the by-laws, the board may, by at least 2/3 vote of the directors present at a meeting called for that purpose, order the termination of membership of a member of a society.
(2) Where the board terminates the membership of a member under this section—
(a) the board shall—
(i) within a period of one year, purchase from the member at par value all shares in the society held by the member, and
(ii) pay to the member all amounts held to his or her credit, together with any interest accrued on those amounts and the amount outstanding on loans made to the society by the member with any interest accrued on those amounts,
(iii) request the member to settle all debts due to the society within a reasonable period;
(b) the secretary of the society shall, within 10 days from the date on which the order is made, notify the member of the order; and
(c) the member may appeal the order made under subsection (1) to the next general meeting of the society by giving written notice of his or her intention to appeal to the secretary within 30 days from the date he or she received notice of the order under paragraph (b).
(3) Where the member appeals under subsection (2)(c) a majority, or any greater percentage that may be specified in the by-laws, of the members present at the general meeting shall confirm or rescind the order.
(4) Where the address of a member whose membership is ordered to be terminated under subsection (1) is unknown to the society after all reasonable efforts have been made to ascertain his or her address for the purpose of making payment to him or her of all amounts held to his or her credit, the society shall transfer those amounts to its Reserve Fund.
(5) Where any amounts are transferred under subsection (4), the society shall pay those amounts to the person entitled to them on proof of his or her claim that is satisfactory to the society.
(6) Where a society transfers amounts held to the credit of a member under subsection (4), it shall immediately submit to the Registrar a return showing—
(a) the member's name;
(b) the member's last known address; and
(c) the amounts transferred.