1968 Ed.]
Credit Unions.
[CAP. 119
58. (1) The Registrar may, if he thinks fit, petition the court for an order to wind up a credit union if he is satisfied that—
(a) the number of members qualified to vote at meetings of the credit union has been reduced to less than fifteen;
(b) the registration of the credit union was obtained by fraud or mistake:
(c) it is not a bona fide credit union;
(d) it exists for an illegal purpose;
(e) it is not carrying on business or is not in operation; or
(f) it has wilfully, after notice from the Registrar, contravened any of the provisions of this Ordinance.
(2) The Registrar may, if he thinks fit, give notice to a credit union of his intention to petition the court under this section, setting out the grounds therefor and stating that, unless cause is shown to the contrary within a specified period, he will petition the court accordingly.
(3) The Registrar may, if he has given notice under sub-section (2), and unless in his opinion sufficient cause to the contrary is shown by the credit union within the specified period, proceed with the petition.
59. Rule 22A of the Companies (Winding-up) Rules shall not apply in respect of a petition under section 57 or 58.
60. Notwithstanding anything contained in section 58, a credit union may be wound up by the court if-
(a) the credit union is unable to pay its debts;
(b) the court is of opinion that it is just and equitable that the credit union should be wound up.
61. In its application to the winding-up of a credit union subsection (1) of section 170 of the Companies Ordinance shall be so construed that a person shall be deemed to have ceased to be a member of the credit union, in respect of any share validly withdrawn or transferred before the commencement of the winding-up, with effect from the date of the receipt by the board of the notice of intention to withdraw or transfer such share.
Petition by Registrar for winding-up in other cases.
21
Application of rule 22A of Companies (Winding-up) Rules. (Cap. 32, sub. leg.)
Winding-up for insolvency or on equitable grounds.
Qualification as to contribution in winding-up. (Cap. 32.)
PART X.
APPEALS.
62. (1) If the Registrar-
(a) refuses to register a credit union under section 5;
Appeal against action of Registrar.
1968 Ed.]
Credit Unions.
[CAP. 119
58. (1) The Registrar may, if he thinks fit, petition the court for an order to wind up a credit union if he is satisfied that—
(a) the number of members qualified to vote at meetings of the credit union has been reduced to less than fifteen;
(b) the registration of the credit union was obtained by fraud
or mistake:
(c) it is not a bona fide credit union;
(d) it exists for an illegal purpose;
(e) it is not carrying on business or is not in operation; or (ƒ) it has wilfully, after notice from the Registrar, con-
travened any of the provisions of this Ordinance.
(2) The Registrar may, if he thinks fit, give notice to a credit union of his intention to petition the court under this section, setting out the grounds therefor and stating that, unless cause is shown to the contrary within a specified period, he will petition the court accordingly.
(3) The Registrar may, if he has given notice under sub- section (2), and unless in his opinion sufficient cause to the contrary is shown by the credit union within the specified period, proceed with the petition.
59. Rule 22A of the Companies (Winding-up) Rules shall not apply in respect of a petition under section 57 or 58.
60. Notwithstanding anything contained in section 58, a credit union may be wound up by the court if-
(a) the credit union is unable to pay its debts;
(b) the court is of opinion that it is just and equitable that
the credit union should be wound up.
61. In its application to the winding-up of a credit union subsection (1) of section 170 of the Companies Ordinance shall be so construed that a person shall be deemed to have ceased to be a member of the credit union, in respect of any share validly with- drawn or transferred before the commencement of the winding-up, with effect from the date of the receipt by the board of the notice of intention to withdraw or transfer such share.
Petition by Registrar for winding-up in other cases.
21
Application of rule 22A of Companies (Winding-up) Rules.
(Cap. 32, sub. leg.)
Winding-up for insolvency or on equitable grounds.
Qualification
as to contribu- tion in winding-up. (Cap. 32.)
PART X.
APPEALS.
62. (1) If the Registrar-
(a) refuses to register a credit union under section 5;
Appeal against action of Registrar.
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