1964_CREDIT_UNIONS_ORDINANCE — Page 19

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CAP. 119]

Credit Unions.

[1968 Ed.

By-laws.

(Cap. 1.)

Amendment of by-laws.

annum, shall be paid from the remainder of the net earnings and shall present any such resolution to that annual meeting.

(2) The annual meeting may declare a dividend for that year, which shall not exceed the amount recommended by the board.

(3) A dividend so declared shall be paid on all shares fully paid up and registered in the name of the same member throughout the previous financial year:

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. (1) 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;

(b) 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.

48. (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.