1968 Ed.]
Credit Unions.
[CAP. 119
9
(3) A transfer of shares in a credit union may take place only between the members thereof and no charge in respect of any transfer shall be imposed by the credit union.
(4) A member of a credit union may not transfer or withdraw any shares if the transfer or withdrawal would make the total value of his shares less than his total liability to the credit union, whether as borrower, pledgor, guarantor or otherwise.
14. (1) No officer or member of a credit union, whilst entrusted with or participating in the management of the affairs of the credit union, shall pledge, transfer, withdraw or otherwise dispose of his shares except in accordance with this Ordinance and the by-laws.
(2) If a credit union is wound up under Part IX, any disposition of shares by way of pledge, transfer, withdrawal or otherwise made by an officer or member thereof within the four months preceding the commencement of the winding-up shall be invalid and the officer or member shall remain liable to the creditors of the credit union to the extent of any shares so disposed of.
15. The membership of a credit union shall be limited to persons having a common bond of occupation, employment, association, or residence within a defined neighbourhood, community, or rural or urban area:
Provided that a member of a credit union who ceases to have the common bond to which membership of the credit union is limited may retain his membership thereof but may not obtain the grant of any loan therefrom exceeding the value of his shares in the credit union.
16. (1) A person shall not be admitted to membership of a credit union unless-
(a) his application for membership has been approved by the board;
(b) he has paid such entrance fee, not exceeding one dollar, as may be provided in the by-laws; and
(c) he has subscribed to at least one share and has paid an amount thereon not less than such initial instalment as may be provided in the by-laws.
(2) Subject to subsection (1), the conditions of membership of a credit union shall be in accordance with the by-laws.
17. (1) A minor may be admitted to membership of a credit union but shall not be qualified to vote at the annual or special meetings thereof until he has attained the age of sixteen years.
(2) The minority of any person duly admitted as a member of any credit union shall not debar that person from executing any
Restriction on disposal of shares by officers, etc.
Membership limited to persons with common
occupation, etc.
Admission to and conditions of membership.
Minors.
Page 10
Page 11
1968 Ed.]
Credit Unions.
[CAP. 119
9
(3) A transfer of shares in a credit union may take place only between the members thereof and no charge in respect of any transfer shall be imposed by the credit union.
(4) A member of a credit union may not transfer or withdraw any shares if the transfer or withdrawal would make the total value of his shares less than his total liability to the credit union, whether as borrower, pledgor, guarantor or otherwise.
14. (1) No officer or member of a credit union, whilst entrusted with or participating in the management of the affairs of the credit union, shall pledge, transfer, withdraw or otherwise dispose of his shares except in accordance with this Ordinance and the by-laws.
(2) If a credit union is wound up under Part IX, any disposi- tion of shares by way of pledge, transfer, withdrawal or otherwise made by an officer or member thereof within the four months preceding the commencement of the winding-up shall be invalid and the officer or member shall remain liable to the creditors of the credit union to the extent of any shares so disposed of.
15. The membership of a credit union shall be limited to persons having a common bond of occupation, employment, asso- ciation, or residence within a defined neighbourhood, community, or rural or urban area:
Provided that a member of a credit union who ceases to have the common bond to which membership of the credit union is limited may retain his membership thereof but may not obtain the grant of any loan therefrom exceeding the value of his shares in the credit union.
16. (1) A person shall not be admitted to membership of a credit union unless-
(a) his application for membership has been approved by the
board;
(b) he has paid such entrance fee, not exceeding one dollar,
as may be provided in the by-laws; and
(c) he has subscribed to at least one share and has paid an amount thereon not less than such initial instalment as may be provided in the by-laws.
(2) Subject to subsection (1), the conditions of membership of a credit union shall be in accordance with the by-laws.
17. (1) A minor may be admitted to membership of a credit union but shall not be qualified to vote at the annual or special meetings thereof until he has attained the age of sixteen years.
(2) The minority of any person duly admitted as a member of any credit union shall not debar that person from executing any
Restriction on disposal of shares by officers, etc.
Membership limited to persons with common
occupation, etc.
Admission to and conditions of membership.
Minors.
Page 10Page 11
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