Two co-operatives issue members' shares that each member may ask to have redeemed. Co-operative Verger: its statutes allow the board to refuse any redemption, at its discretion and without condition. Co-operative Sillon: its statutes allow the board to refuse redemption only when its liquidity ratio falls below a set threshold (case facts). Write a short note that classifies the shares of each co-operative and justifies the difference, distinguishing rule, case facts and professional judgement.