3
Interpretation.
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In this Ordinance, unless the context otherwise requires-
"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 Ordin-
ance;
"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 incor-
porated 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:
"sbare" means, in relation to a credit union, cach 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 treas-
urer or as treasurer and secretary of a board.
PART II.
FORMATION AND POWERS OF CREDIT UNIONS.
Conditions of registration.
3.
(1) Any fifteen or more persons-
(a) each of whom is not less than sixteen years of age;
(b) at least three of whom are not less than twenty-one years
of age:
(c) who satisfy the requirements of section 15;
(d) who wish to associate themselves together as a credit
union for the objects set forth in subsection (2).
may be registered as a credit union.
(2) The objects of a credit union sball be-
(a) to promote thrift among its members:
(5) to receive the savings of its members either as payment
on shares or as deposits; and
(c) to make loans to its members, exclusively for provident
or productive purposes.
4. (1) The persons referred to in section 3 may apply for the registration of a credit union to the Registrar.
(2) Such persons shall sign in duplicate before two witnesses (who shall not be subscribers to the memorandum) a memorandum of association in the prescribed form and cause both copies thereof to be filed in the office of the Registrar.
(3) There shall be attached to the memorandum of association two copies of the by-laws by which it is proposed that the credit union shall be governed.
(4) The persons signing the memorandum of association shall appoint a provisional secretary, who shall hold office until a secretary of the board is appointed under section 29.
Memorandum
of association.
5. (1) When the memorandum of association is duly filed. Registration. the Registrar shall consider whether the application complies with this Ordinance and may make such inquiries as he deems necessary for that purpose.
(2) The Registrar, after making such inquiries, may register the credit union, if he is satisfied-
(a) that the proposed by-laws do not conflict with any provi-
sion of this Ordinance;
(6) that the proposed by-laws are sufficient to enable the
credit union to carry out its objects;
(c) that the body to which membership is limited is such as to ensure reasonable personal association amongst the members: