By-laws.
(Cap. 1)
Amendment of by-laws.
Binding effect of the by-laws.
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Provided that a member who is registered as owner at the end of a financial year of shares which became fully paid up during that year shall be entitled to the proportional part of such dividend calculated from the fifth day of the month following the date upon which such shares became fully paid up.
(4) Subject to subsection (3), payment of the dividend (if any) so declared may be made in such manner and amounts and at such times as may be provided in the by-laws.
PART VII.
BY-LAWS.
47. (D) The by-laws of every credit union shall be in a form approved by the Registrar.
(2) The by-laws of a credit union may, and, if so directed by the Registrar, shall, include provision for all or any of the following-
(a) the depositing of all or any specified funds or money of a credit union in a bank in the Colony approved by the Registrar:
(6) the imposition of charges on any member whose account
remains inactive for a specified period;
(c) the imposition of fines upon members for failure to meet
their obligations to the credit union;
(d) specifying the purposes for which the profits of the credit
union may be used.
(3) Any by-laws which are prescribed under paragraph (a) of section 85 shall, subject to such modification as may be approved by the Registrar, be deemed to be the by-laws of a credit union,
(4) Notwithstanding anything contained in section 20 of the Interpretation and General Clauses Ordinance, it shall not be necessary to publish the by-laws of a credit union in the Gazette.
49. (1) By-laws may be amended only by a resolution of two-thirds of the members present and qualified to vote, at the annual meeting of the credit union or at a special meeting thereof called for the purpose.
(2) No such amendment shall be of any effect until the same has been approved in writing by the Registrar.
49. The by-laws of a credit union shall bind the credit union and the members thereof to the same extent as if each member had subscribed his name and affixed his seal thereto and there were in
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such by-laws a covenant on the part of himself, his executors, administrators and assigns to conform to such by-laws, subject to the provisions of this Ordinance.
PART VIII.
RETURNS, AUDIT, INFORMATION AND INQUIRY.
50. A record of the name, occupation and address of each officer of a credit union shall be furnished to the Registrar not later than ten days after the appointment of the officer.
51. A copy of the audit report and balance sheet, submitted to the annual meeting in accordance with paragraph (b) of section 34 and approved thereat, shall be furnished to the Registrar nol later than thirty days after the date of such meeting.
$2. (1) The accounts of a credit union shall be examined at kast once in every year by or under the direction of the Registrar and a credit union undergoing such examination shall produce all cash in hand, books, records and other documents required by the person conducting the examination,
(2) Every such examination shall include an inquiry into overdue debts (if any) and a valuation of the assets and liabilities of the credit union.
(3) A copy of the report of the last examination carried out under this section and a copy of the audit report and balance sheet referred to in section 51 shall be posted in a conspicuous place at the registered office of the credit union for not less than one month.
53. (1) A credit union shall furnish the Registrar with such statements with respect to its business, finances and other affairs and with such other information as he may from time to time require.
(2) Any statement and other information and any record and report required to be furnished by a credit union to the Registrar under this Ordinance or the by-laws shall be certified by the super- visory committee and verified by the president and the treasurer of the credit union.
54. (1) The Registrar and any person authorized by him may inquire into the condition and affairs of a credit union and for this purpose shall be given access to all books, records and other documents of the credit union and may make such inquiries as are in his opinion necessary to ascertain its financial condition, its ability to provide for the payment of its liabilities as they become due and whether or not it has complied with this Ordinance.
Return of names of officera
Return of supervisory annual audit.
Registrar's annual ccamination.
Information for Registrar and verification thereof.
Inquiry.
examination and suspension.
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