1968 Ed.]
Credit Unions.
[CAP. 119
CHAPTER 119.
CREDIT UNIONS,
To incorporate and regulate credit unions and the Credit Union League of Hong Kong, and to provide for matters incidental thereto.
Originally 39 of 1968.
[
PART I
PRELIMINARY.
1. This Ordinance may be cited as the Credit Unions Ordinance and shall come into operation on a day to be appointed by the Governor by notice in the Gazette.
Short title and commencement.
2. In this Ordinance, unless the context otherwise requires-- Interpretation.
"board" means a board of directors of a credit union constituted under section 28;
"by-laws" means the by-laws made in accordance with Part VII and approved by the Registrar under subsection (3) of section 5 or the by-laws (if any) prescribed under section 85;
"credit union" means a credit union registered under this Ordinance;
"director" means a director of a board;
"financial year" means the twelve months ending on the 31st day of March in any year or on such other annual date as may be provided in the by-laws;
"League" means the Credit Union League of Hong Kong incorporated under Part XI;
"officer" and "officer of a credit union" mean any of the persons specified in section 30;
"Registrar" means the Registrar of Credit Unions appointed under section 82;
"share" means, in relation to a credit union, each sum of five dollars standing to the credit of a member in the accounts of that credit union;
"share balance" means the total value of all-
(a) fully paid up shares; and
(b) instalments paid in respect of other shares,
appearing for the time being in the accounts of a credit union;
"treasurer" means the person appointed under section 29 as treasurer or as treasurer and secretary of a board.
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