Section 226 - Reinstatement of shares

(1) Where a former member wishes for shares to be reinstated pursuant to subsection (5) of section 220, the former member shall give written notice to the company within twenty-eight days after the one year period requiring the repurchase of the shares by that former member.

(2) On the receipt of the notice, the Board shall within seven days notify the former member in writing if the Board agrees to the purchase and indicate a specific date for payment of the price of the shares.

(3) Within seven days after receipt of a notice under subsection (2), the former member shall make payment for the shares at the purchase price of the shares at the time that former member received payment for those shares.

(4) The former member who applies to the company for reinstatement of shares is entitled to receive the correlative dividends or other distributions made during the one year period.

(5) When payment for the shares is made by the former member under subsection (3), the company shall

(a) forthwith deliver to that former member an executed instrument of transfer of the shares together with any relevant share certificate; or

(b) take the necessary steps required to transfer the shares to that former member.