1968-HKRS29-8-35_Part02 — Page 46

(CAD). IJ

Registration with Registrar,

Sealing and

signing of

documents.

Membership.

Levy,

22

(4) The by-laws of the League may, subject to the approval of the Registrar, be amended from time to time in the manner provided therein.

(5) Notwithstanding anything contained in section 20 of the Interpretation and General Clauses Ordinance, it shall not be necessary to publish the by-laws of the League in the Gazerte.

68. (1) The League shall forward to the Registrar for regis- tration the following-

(a) notice of the address of the principal office of the League

and any change thereof;

(b) a copy of the by-laws of the League and any amendment thereto, certified as correct by two members of the board of the League; and

(c) a list of the name, occupation and address of each mem- ber of the board and each officer of the League and any change therein, certified as correct by two members of the board of the League.

(2) A document required to be registered under subsection (1) shall be forwarded to the Registrar within twenty-eight days of the commencement of this Ordinance or within twenty-eight days of any change or amendment, as the case may be.

69. (1) The common seal of the League shall not be affixed to any instrument except by the authority of a resolution of the board and in the presence of the president of the board and either the treasurer thereof or such other person as the board may appoint for the purpose.

(2) The president and the treasurer, of such other person. shall sign every instrument to which the seal is so affixed.

(3) The board shall be responsible for the safe custody of the common seal of the League.

70. Subject to this Part, a credit union may become a mem- ber of the League.

71. (1) A credit union which is a member of the League may, for the purpose of financing the League, provide in its by. laws for a yearly levy on each of its members.

(2) The amount of such levy and the time and manner of payment thereof to the League shall be as provided in the by-laws of the League.

72 (1) The League may set up a fund, to be known as the stabilization fund, which shall be used in the manner set out in this section.

(2) The stabilization fund may be used in providing interest free loans to a member credit union for the purpose of avoiding a liquidation thereof or for assisting in any matter connected with such liquidation.

(3) No such loan shall be provided except-

(a) where the League is satisfied that such provision is in the best interests of the credit union movement; and

(b) on a resolution, passed by at least two-thirds of the members of the board of the League, determining the amount of the loan and the conditions under which it is to be provided.

(4) Section 43 shall not apply in respect of any such loan.

73. Save in so far as is otherwise provided in this Part, sections 10, 49, 52, 53, 54, 76, 77, 80 and 81 shall, to the extent that they are applicable, apply to the League as though it were a credit union.

Stabilization Fumid

Application of other sections to League.

74. Nothing in this Part shall affect or be deemed to affect Saving the rights of Her Majesty the Queen, Her Heirs or Successors, or the rights of any body politic or corporate or of any other persons except such as are mentioned in this Part and those claiming by, from or under them.

PART XII.

OFFENCES AND PENALTIES.

75. (1) Save as is provided in paragraphs (a) and (b) of Illegal loans. section 10. any director or any member of the supervisory com- mittee or of the credit committee of a credit union, or any loan officer thereof, who knowingly makes or permits the making of a loan from any fund of the credit union to any person who is not a member of the credit union shall be guilty of an offence and shall be liable on conviction to a fine of three thousand dollars and to imprisonment for one year.

(2) A person who is convicted of an offence under subsection (1) shall be liable to the credit union for the amount so loaned, and the illegality of such a loan shall be no defence in any pro- ceedings by the credit union for the recovery of that amount.