Queensland Consolidated Acts Queensland Consolidated Acts(1) If a person has an entitlement because of section 138, the entitlement operates to end any liability of the cooperative—
(a) to repay to the person under section 132 any amount for the forfeited shares concerned; or
(b) for a deposit held by the cooperative, or debentures allotted or issued to the person, under section 132 for the forfeited shares concerned (except a liability to pay interest that is payable but unpaid).
(2) If an amount has been repaid to a person under section 132 or 134, the amount repaid is to be set off against any entitlement of the person under section 137 for the forfeited shares concerned.
(3) If the amount repaid can not be set off against the entitlement because the entitlement is not, or is only partly, an entitlement to money, the entitlement is lost unless the person pays to the cooperative the amount repaid to the person and does so within the period required under subsection (4).
(4) If the circumstances mentioned in subsection (3) arise, the cooperative concerned must—
(a) give written notice of the matter by post to the person concerned at the person's address last known to the cooperative, stating a period of not less than 28 days after the notice is given within which any amount repaid must be paid to the cooperative; and
(b) publish a general notice to that effect in a newspaper circulating generally in the district in which the registered office of the cooperative is situated.