1968-HKRS29-8-35_Part02 — Page 39

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Liability on cessation of membership.

Debts owed by membera or past members.

Payment to

nominee Or person entitled Upon death of member.

Record of members and shares.

21. A past member of a credit union shall have no further rights therein but shall not thereby be released from any remaining liability to the credit union.

22. (1) Any money owed to a credit union by a member or a past member shall be a civil debt and recoverable as such in a court of competent jurisdiction.

(2) A credit union shall have a lien on the shares of a member for any debt owed to it by him, and may set off any sum standing to the credit of such member in the accounts of the credit union towards the payment of such debt.

23. (1) Subject to this section, any money owed in respect of shares by a credit union to a member thereof who dies shall be paid to the person nominated in accordance with this section, or, if there is no person so nominated, to such person as may appear to the board, on such evidence as it deems satisfactory, to be entitled by law to receive the same, after deducting such amounĖS as may be owed by the deceased member to the credit union.

(2) A member of a credit union over the age of sixteen years may in writing, signed by him in the presence of two attesting witnesses and deposited during his lifetime with the treasurer of the credit union, nominate any person (hereinafter in this section referred to as a nominee) to receive in the event of his death any money owed to him in respect of shares by the credit union.

(3) A member of a credit union shall be entitled to appoint only one nominee unless he holds more than one share.

(4) If more than one nominee is appointed by a member the exact proportion of the amount available which is to be payable to cach nominee shall be specified at the time of nomination.

(5) If any payment is made under this section to a nominee who is a minor, a receipt given either by the minor or by his guardian shall be sufficient discharge to the credit union.

14. A record of members and shares shall be kept by every credit union and shall contain and be prima facie evidence of-

(a) the name, address and occupation of each member; (b) the number of shares (with the dates of allotment thereof)

held by cach member;

(c) the total number of shares and the amount paid up in

respect thereof;

(d) the date on which each member was admitted to member-

ship;

(e) the date on which a member ceased to be such;

(f) every appointment of a nominee under section 23.

PART IV.

MEETINGS AND ELECTION OF BOARD AND COMMITTEES.

25. (1) There shall be an annual meeting of the members of Annual and

a credit union within sixty days after the end of the financial year within which the first meeting of the credit union is held pursuant to section 27 and thereafter within sixty days after the end of each subsequent financial year.

(2) Subject to this Ordinance, special meetings of the member may be called at the times and in the manner provided in the by-laws.

(3) Where in any case, due to the nature of the comm occupation or employment of the persons forming a credit union. it is not practicable for all the members thereof to be present al the same instance at its annual or special meetings, substitute meetings of members may be held on two separate occasions in the manner provided in the by-laws, and meetings so beld shall together be deemed to be annual or special meetings, whichever is appropriate.

(4) Subject to section 26, the voting and the procedure at annual and special meetings shall be in accordance with the by-laws.

special meetings.

26. (1) No member shall have more than one vote at any Voting. annual or special meeting and no voting by proxy shall be allowed thereat.

(2) Voting at an election of members to the board, the super- visory committee or the credit committee of a credit union shall be by secret ballot.

27. (1) The provisional secretary of a credit union shall, within ten days after the receipt by him of the certificate of registra- tion issued in accordance with section 5. notify each of the members of the credit union that he has received it and shall summon the first meeting of the members, which shall be held within fourteen days of the date of his receipt of the certificate,

(2) For the purposes of subsection (1), the body of persons which has been registered as a credit union under section 5 shall be deemed to be the members of the credit union.

First meeting.