Settlement with a withdrawn member

(1) After termination of membership, a settlement takes place between the cooperative and the withdrawn member. It is governed by the asset position of the cooperative and the number of its members at the point in time of the termination of membership.
(2) The settlement takes place on the basis of the balance sheet. The member's credit balance is, subject to subsection (4) and section 8a(2), to be paid out within six months after the termination of membership. Subject to subsection (3), the member has no claim to the reserves and the other assets of the cooperative. Where the assets, including the reserves and all credit balances, do not suffice to cover the debts of the cooperative, the former member must pay to the cooperative its share of the shortfall, insofar as it would, in the event of insolvency proceedings, have had to make additional contributions to the cooperative; the share is calculated by the number of heads of the members, unless the statutes determine a different calculation.
(3) The statutes may grant to members who have paid up their share in full, for the case of termination of membership, a claim to payment of a share in a results reserve to be formed for this purpose from the net income for the year. The statutes may make the claim dependent on a minimum duration of membership, and impose further requirements and provide for restrictions of the claim. Subsection (2), second sentence applies correspondingly.
(4) The statutes may govern the conditions, the modalities and the period for the payment of the settlement credit, by way of derogation from subsection (2), second sentence; a provision under which the management board alone is to decide on the conditions or the point in time of payment is void.