Incorporation with limited liability, and effect ibereof.
Restriction Dr name.
Amendment of memorandum of association.
(d) that the applicants have reasonable prospects of carrying
out the objects of a credit union;
(c) that the applicants and the application comply with the
requirements of this Ordinance.
(3) On such registration the Registrar shall send to the provi- sional secretary of the credit union-
(a) one copy of the memorandum of association;
(b) one copy of the by-laws, with his approval endorsed
thereon; and
(c) a certificate of registration, in the prescribed form.
6. (1) Upon its registration, a credit union shall be a body corporate with perpetual succession and shall be capable of suing and being sued in its registered name and, subject to this Ordin- ance, of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) In addition, upon such registration--
(a) all the movable property for the time being vested in any person in trust for the credit union shall vest in it;
(b) all liabilities incurred by any person as trustee of the
credit union shall become its liabilities; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the credit union in its registered name.
(3) The liability of a member of a credit union shall be limited to the amount of the shares held by him.
7. No credit union shall be registered under a name identical with that by which any other existing credit union has been reg- istered, or so nearly resembling the same as to be likely to deceive, and the expression "credit union", or the Chinese expression “ETID". shall be the last words of the name of every credit union.
B. (1) Subject to this Ordinance, a credit union may, by résolution passed by two-thirds of the members, present and qual- ified to vote, at an annual meeting, or at a special meeting called for the purpose, amend its memorandum of association.
(2) No such amendment shall be of any effect until approved by the Registrar and his approval is endorsed by him on the memorandum of association.
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9. Every credit union shall have a registered office in the Colony to which all communications and notices shall be sent. The credit union shall send to the Registrar written notice of the address of its registered office and of every change of the address thereof.
10. For the purpose of carrying out its objects, a credit union may→→
(a) deposit money in any bank in the Colony approved by
the Registrar:;
(5) invest in any stock, debenture stock, funds or securities in which a trustee may invest by virtue of the Trustee Ordinance:
(c) become a member of any other credit union;
(d) subject to section 43, borrow money:
(e)
(f)
insure its loans, funds and property against loss; subject to this Ordinance, under the hands of its president and treasurer, or vice-president and treasurer, draw, make, accept, endorse, execute and issue promissory notes, bills of exchange, bills of lading, warrants and other negotiable or transferable instruments;
(g) hold, purchase, take on lease, sell, exchange, lease or
otherwise dispose of any land;
() do all such other acts and things as are incidental or conducive to or consequential upon the attainment of the objects mentioned in section 3.
PART III.
CAPITAL, SHARES AND MEMBERSHIP.
11. The capital of a credit union shall be unlimited in amount and shall be divided into shares of a value of five dollars each.
Registered office.
Powers.
(Cap. 19.)
Capital divided into shares.
Allotment and
for shares.
12. (1) Subject to this Ordinance, shares in a credit union may be allotted, subscribed and paid for in the manner provided subscription in the by-laws.
(2) Shares in a credit union shall be allotted only to the members thereof.
(3) No share shall be allotted to a member until he has paid for it in cash in full without any premium or discount.
(4) A credit union shall not issue to a member a certificate denoting ownership of a share.
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