Incorporation
of league of credit unions.
Objects of League.
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(b) fails to register a credit union within thirty days of the receipt of a memorandum of association duly filed for the purpose:
(c) refuses or fails to give his approval, within thirty days of the receipt, of any written application therefor, when his approval is required for any purpose under this Ordinance;
(a) under section 54, orders a credit union to suspend
business,
any person aggrieved thereby may, subject to this section, appeal against such refusal, failure or order to the District Court.
(2) An appeal under this section shall be entered within fourteen days-
(a) after the date of any refusal to register or of any suspen- sion order, in the case of an appcal under paragraph (a) or (d) of subsection (1); or
(b) after the date of the expiry of the period of thirty days mentioned therein, in the case of an appeal under para- graph (b) or (c) of subsection (1).
(3) The decision of the District Court on any such appeal shall be final.
PART XI.
THE CREDIT UNION LEAGUE OF HONG KONG.
63. (1) The body known as the Credit Union League of Hong Kong (bereinafter in this Part referred to as the former League) shall, on the date of commencement of this Ordinance, become a body corporate with perpetual succession and shall be capable of suing and being sued in the name of the Credit Union League of Hong Kong and, subject to this Ordinance, of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) The League shall have and may use a common seal.
64. The objects of the League are-
(a) to protect and assist the credit unions which are members
of the League;
(b) to provide educational and advisory services for credit
unions;
(c) to encourage and assist in the organization of credit
unions;
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(d) to arrange for bonds and insurance on behalf of credit
unions and their employees:
(e) to set up a stabilization fund in accordance with sec-
tion 72;
(f) to undertake such other services for credit unions and the credit union movement as shall be consistent with this Ordinance.
65. On the date of commencement of this Ordinance— (a) all movable property vested before that date in any person in trust for the former League shall vest in the League;
(6) all liabilities lawfully incurred before that date by any person as trustee of the former League shall become habilities of the League; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the League.
66. (1) There shall be a board of the League consisting of five directors or of such greater number not exceeding fifteen as may be provided by the by-laws of the League.
(2) The first board of directors shall consist of the persons- (a) whose names appear in the first column of the Schedule: (b) whose residential addresses are specified in the second
column of the Schedule; and
(c) each of whom shall hold the office, if any, specified opposite each name in the third column of the Schedule.
(3) The first directors of the board shall hold office until either a board of directors is elected in accordance with the by- laws of the League or the 1st day of July 1970, whichever is the earlier.
(4) The board of the League shall bave the general direction and management of the affairs, funds and records of the League.
Vesting
Board of directors and officers.
Schedule.
67. (1) The League may make by-laws, which shall be sub- League by-laws. ject to the approval of the Registrar, for the carrying out of its objects.
(2) Such by-laws shall be consistent with this Ordinance and shall include provision for membership of the League and for the composition of and elections to the board.
(3) Notwithstanding anything contained in subsection (1), any by-laws which are prescribed under paragraph (4) of section 85 shall, subject to such modification as may be approved by the Registrar, be deemed to be the by-laws of the League.