Disposal of shares.
Restriction o disposal of shares by officers, etc.
Membership limited to persons with
conumon
occupation, ele.
Admission to
and conditions of membership.
13. (1) Subject to this Ordinance, shares in a credit union may be transferred or withdrawn by the holder thereof in the manner provided in the by-laws.
(2) No transfer or withdrawal of shares in a credit unioa shall be valid unless approved by the board, which approval shall be withheld if the transfer or withdrawal would reduce the total number of members of the credit union to less than fifteen.
(3) A transfer of shares in a credit union may take place only between the members thereof and no charge in respect of any transfer shall be imposed by the credit union.
(4) A member of a credit union may not transfer or withdraw any shares if the transfer or withdrawal would make the total value of his shares less than his total liability to the credit union, whether as borrower, pledgor, guarantor or otherwise.
14. (D) No officer or member of a credit union, whilst entrusted with or participating in the management of the affairs of the credit union, shall pledge, transfer, withdraw or otherwise dispose of his shares except in accordance with this Ordinance and the by-laws.
(2) If a credit union is wound up under Part IX, any disposi- tion of shares by way of pledge, transfer, withdrawal or otherwise made by an officer or member thereof within the four months preceding the commencement of the winding-up shall be invalid and the officer or member shall remain liable to the creditors of the credit union to the extent of any shares so disposed of.
15. The membership of a credit union shall be limited to persons having a common bond of occupation, employment, aSSO- ciation, or residence within a defined neighbourhood, community, or rural or urban arca:
Provided that a member of a credit union who ceases to have the common bond to which membership of the credit union is limited may retain his membership thereof but may not obtain the grant of any loan therefrom exceeding the value of his shares in the credit union.
16. (1) A person shall not be admitted to membership of a credit union unless-
(a) his application for membership has been approved by the
board:
(b) he has paid such entrance fee, not exceeding one dollar,
as may be provided in the by-laws; and
(c) he has subscribed to at least one share and has paid an amount thereon not less than such initial instalment as may be provided in the by-laws.
7
(2) Subject to subsection (1), the conditions of membership of a credit union shall be in accordance with the by-laws.
17. (1) A minor may be admitted to membership of a credit union but shall not be qualified to vote at the annual or special meetings thereof until he has attained the age of sixteen years.
(2) The minority of any person duly admitted as a member of any credit union shall not debar that person from executing any document necessary to be executed or given under this Ordinance, and shall not be a ground for invalidating or avoiding any contract entered into by any such person with the credit union; and any such contract entered into by any such person with the credit unjon, whether as principal or as surety, shall be enforceable at law by or against such person notwithstanding his minority,
18. (1) A member of the credit union who contravenes any provision of this Ordinance or acts in any way detrimental to the interests of the credit union may be expelled therefrom upon a resolution passed by two-thirds of the members present and qualified to vote, at an annual meeting, or at a special meeting called for the purpose.
(2) The grounds on which his expulsion is being considered shall be communicated to the member in writing by the board not less than seven days before the resolution for his expulsion is to be moved and he shall be given the opportunity to answer, either in writing before the meeting or orally thereat.
(3) The by-laws of a credit union may make provision in respect of the expulsion of members therefrom.
Minors.
Expulsion of member.
Cessation of
19. Subject to this Ordinance, a member of a credit union who transfers or withdraws all his shares therein or who is expelled membership. therefrom shall, from the date of such transfer, withdrawal or expulsion, cease to be a member of the credit union.
20. (1) Subject to this section, any money owed in respect of shares by a credit union to a past member thereof shall, after deduction of any money owed by him to the credit union, be paid to him.
(2) A credit union may, if it thinks fit, postpone the payment of any money owed to a past member for not more than ninety days after his membership ends.
(3) No payment shall be made by a credit union to a past member unless all his liabilities to the credit union, whether as borrower, pledgor, guarantor or otherwise, have been fully dis- charged or otherwise fully provided for by a person other than the credit union.
Payment on Cessation of membership.