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Membership shall terminate at the end of the current financial year in the cases referred to in points (i) and (ii) of the first subparagraph and at the end of the period of notice which applied before the statutes were amended in the case referred to in point (iii) thereof. The amendment to the statutes shall not take effect in respect of that member. Resignation shall entitle the member to repayment of shares on the conditions laid down in Articles 3(4) and 16.

3. The decision to expel a member shall be taken by the administrative or management organ, after the member has been heard. The member may appeal against such a decision to the general meeting.

1. Membership shall be lost:

— upon resignation,

— upon expulsion, where the member commits a serious breach of his/her obligations or acts contrary to the interests of the SCE,

— where authorised by the statutes, upon the transfer of all shares held to a member or a natural person or legal entity which has acquired membership,

— upon winding-up in the case of a member that is not a natural person,

— upon bankruptcy,

— upon death,

— in any other situation provided for in the statutes or in the legislation on cooperatives of the Member State in which the SCE has its registered office.

2. Any minority member who opposed an amendment to the statutes at the general meeting whereby:

(i) new obligations in respect of payments or other services were introduced; or (ii) existing obligations for members were substantially extended; or (iii) the period of notice for resignation from the SCE was extended to more than five years; may tender his/her resignation within two months of the general meeting's decision.