20
CAP. 119]
Credit Unions.
[1968 Ed.
(2) The Registrar may, if he is satisfied, from an inquiry into the condition and affairs of a credit union, that any of its funds, securities or other property may have been misappropriated or improperly used or that the books, records or other documents do not show its true financial position, appoint an auditor to make such inquiry and audit of the affairs of the credit union as the Registrar considers necessary.
(3) The Registrar may, after an inquiry under this section, if he is satisfied that the continuance in business of such credit union would not be in the interests of its members or of the public, order the credit union to suspend business for such time as he may decide.
Winding-up of credit unions.
Application of
Companies
Ordinance.
(Cap. 32.)
Credit union may resolve
to be wound
up by the court.
PART IX.
WINDING-UP.
55. No credit union shall be wound up otherwise than in accordance with this Part.
56. (1) Save as is otherwise provided in this Part, the provisions of the Companies Ordinance relating to the winding-up of a company shall, to the extent that such provisions are applicable in the case, apply to the winding-up of a credit union.
(2) For the purposes of such winding-up, the term "Registrar" in the Companies Ordinance shall have the meaning assigned to it by this Ordinance.
(3) The Colonial Secretary shall appoint a person to discharge the duties of Official Receiver in any such winding-up.
57. (1) Subject to this section, a credit union may--
(a) by instrument in writing signed by three-quarters of its
members qualified to vote at its meetings; or
(b) by resolution passed by three-quarters of its members qualified to vote and voting at a special meeting called for the purpose,
resolve that it be wound up by the court.
(2) Every credit union shall give at least ten days prior notice in writing to the Registrar of its intention to issue any such instrument for the signature of its members or to hold any such meeting, as the case may be.
(3) Where a credit union resolves under subsection (1) that it be wound up by the court, a copy of the instrument or a record of the resolution, certified by the president and treasurer of the credit union, shall be delivered forthwith to the Registrar who shall, as soon as practicable thereafter, petition the court for an order to wind up the credit union.
20
CAP. 119]
Credit Unions.
[1968 Ed.
(2) The Registrar may, if he is satisfied, from an inquiry into the condition and affairs of a credit union, that any of its funds, securities or other property may have been misappropriated or improperly used or that the books, records or other documents do not show its true financial position, appoint an auditor to make such inquiry and audit of the affairs of the credit union as the Registrar considers necessary.
(3) The Registrar may, after an inquiry under this section, if he is satisfied that the continuance in business of such credit union would not be in the interests of its members or of the public, order the credit union to suspend business for such time as he may decide.
Winding-up of credit unions.
Application of
Companies
Ordinance.
(Cap. 32.)
Credit union may resolve
to be wound
up by the court.
PART IX.
WINDING-UP.
55. No credit union shall be wound up otherwise than in accordance with this Part.
56. (1) Save as is otherwise provided in this Part, the pro- visions of the Companies Ordinance relating to the winding-up of a company shall, to the extent that such provisions are applicable in the case, apply to the winding-up of a credit union.
(2) For the purposes of such winding-up, the term "Regis- trar" in the Companies Ordinance shall have the meaning assigned to it by this Ordinance.
(3) The Colonial Secretary shall appoint a person to dis- charge the duties of Official Receiver in any such winding-up.
57. (1) Subject to this section, a credit union may--
(a) by instrument in writing signed by three-quarters of its
members qualified to vote at its meetings; or
(b) by resolution passed by three-quarters of its members qualified to vote and voting at a special meeting called for the purpose,
resolve that it be wound up by the court.
(2) Every credit union shall give at least ten days prior notice in writing to the Registrar of its intention to issue any such instru- ment for the signature of its members or to hold any such meeting, as the case may be.
(3) Where a credit union resolves under subsection (1) that it be wound up by the court, a copy of the instrument or a record of the resolution, certified by the president and treasurer of the credit union, shall be delivered forthwith to the Registrar who shall, as soon as practicable thereafter, petition the court for an order to wind up the credit union.
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