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The purpose of the Bill is to simplify the procedures for winding up a credit union. Winding up of a credit union normally becomes necessary when the original common bond of association between the members has dissipated and the union is consequently no longer carrying on business. Under the Credit Unions Ordinance, the procedure for winding up a credit union follows the complex provisions for winding up a company under the Companies Ordinance. In the interests of efficiency, the Registrar of Credit Unions has proposed that the procedure for winding up a credit union should be brought broadly into line with the simpler procedures for winding up a co-operative society under the Co-operative Societies Ordinance.
The Bill proposes that the Registrar of Credit Unions, rather than the Court as at present, be empowered to cancel the registration of a credit union on specified grounds and to appoint a liquidator, whom the Registrar intends should be one of his staff.
The Bill also sets down the powers of the liquidator and the powers of the Registrar to control the liquidation. It provides that any person aggrieved by an order of the Registrar to cancel the registration of a credit union may appeal to the District Court.
Mr President, I commend the Bill to this Council.
End/Wednesday, March 8, 1995
Tai Lam Tunnel and Yuen Long Approach Road Bill
Following is the speech by the Secretary for Transport, Mr Haider Barma, in moving the second reading of the Tai Lam Tunnel and Yuen Long Approach Road Bill in the Legislative Council today (Wednesday):
Mr President,
I move that the Tai Lam Tunnel and Yuen Long Approach Road Bill be read the second time.