1964_CREDIT_UNIONS_ORDINANCE — Page 15

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CAP. 119]

Credit Unions.

[1968 Ed.

Officers of a credit union.

Composition of the committees.

Remuneration.

Powers and duties of the board.

30. The persons for the time being appointed to the offices referred to in section 29 shall be the officers of the credit union concerned.

31. (1) No member of the supervisory committee may be a director of the board or a member of the credit committee.

(2) Neither the president nor the treasurer of the board nor more than one director of a credit union may be a member of the credit committee thereof.

32. No director or member of either committee of a credit union shall, as such, receive remuneration from that credit union:

Provided that the treasurer may be paid such remuneration as may be determined at an annual meeting of the credit union.

PART V.

MANAGEMENT.

Powers and duties of board.

33. (1) The board of a credit union shall have the general management of the affairs, funds and records of the credit union and, except where a contrary intention appears, shall exercise and perform all the powers and duties conferred and imposed by this Ordinance and in particular shall-

(a) act and make decisions upon all applications for membership of the credit union;

(b) determine the maximum number of shares which may be held by any one member, which shall not without the permission of the board exceed twenty per cent of the shares of the credit union and which shall apply to all members;

(c) determine the length of notice (which shall not exceed ninety days) required from a member of his intention to transfer or withdraw shares;

(d) determine the maximum length of time in respect of which loans made by the credit union to its members may remain outstanding, in whole or in part;

(e) subject to subsection (2) of section 40, determine the maximum amount of loans which may be made to a member, with security or without security;

(f) subject to section 41, determine the rates of interest payable during any specified period on such loans;

(g) fix from time to time the amount of any surety bond which shall be required in respect of any officer or member concerned with the receipt, management or expenditure of money for or on behalf of the credit union, and for such purposes may authorize the payment of any premium on such bonds by the credit union;

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