1968 Ed.]
Credit Unions.
[CAP. 119
11
(2) A credit union shall have a lien on the shares of a member for any debt owed to it by him, and may set off any sum standing to the credit of such member in the accounts of the credit union towards the payment of such debt.
23. (1) Subject to this section, any money owed in respect of shares by a credit union to a member thereof who dies shall be paid to the person nominated in accordance with this section, or, if there is no person so nominated, to such person as may appear to the board, on such evidence as it deems satisfactory, to be entitled by law to receive the same, after deducting such amounts as may be owed by the deceased member to the credit union.
(2) A member of a credit union over the age of sixteen years may in writing, signed by him in the presence of two attesting witnesses and deposited during his lifetime with the treasurer of the credit union, nominate any person (hereinafter in this section referred to as a nominee) to receive in the event of his death any money owed to him in respect of shares by the credit union.
(3) A member of a credit union shall be entitled to appoint only one nominee unless he holds more than one share.
(4) If more than one nominee is appointed by a member the exact proportion of the amount available which is to be payable to each nominee shall be specified at the time of nomination.
(5) If any payment is made under this section to a nominee who is a minor, a receipt given either by the minor or by his guardian shall be sufficient discharge to the credit union.
24. A record of members and shares shall be kept by every credit union and shall contain and be prima facie evidence of—
(a) the name, address and occupation of each member;
(b) the number of shares (with the dates of allotment thereof) held by each member;
(c) the total number of shares and the amount paid up in respect thereof;
(d) the date on which each member was admitted to membership;
(e) the date on which a member ceased to be such;
(f) every appointment of a nominee under section 23.
PART IV.
MEETINGS AND ELECTION OF BOARD AND COMMITTEES.
25. (1) There shall be an annual meeting of the members of a credit union within sixty days after the end of the financial year within which the first meeting of the credit union is held pursuant to section 27 and thereafter within sixty days after the end of each subsequent financial year.
Payment to nominee or person entitled upon death of member.
Record of members and shares.
Annual and special meetings.