1968 Ed.]
*
Credit Unions.
[CAP. 119
23
(f) to undertake such other services for credit unions and the credit union movement as shall be consistent with this Ordinance.
65. On the date of commencement of this Ordinance- (a) all movable property vested before that date in any person in trust for the former League shall vest in the League;
(b) all liabilities lawfully incurred before that date by any person as trustee of the former League shall become liabilities of the League; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the League.
Vesting. directors and
66. (1) There shall be a board of the League consisting of Board of five directors or of such greater number not exceeding fifteen as may be provided by the by-laws of the League.
(2) The first board of directors shall consist of the persons- (a) whose names appear in the first column of the Schedule; (b) whose residential addresses are specified in the second column of the Schedule; and
(c) each of whom shall hold the office, if any, specified opposite each name in the third column of the Schedule.
(3) The first directors of the board shall hold office until either a board of directors is elected in accordance with the by-laws of the League or the 1st day of July 1970, whichever is the earlier.
(4) The board of the League shall have the general direction and management of the affairs, funds and records of the League.
67. (1) The League may make by-laws, which shall be subject to the approval of the Registrar, for the carrying out of its objects.
(2) Such by-laws shall be consistent with this Ordinance and shall include provision for membership of the League and for the composition of and elections to the board.
(3) Notwithstanding anything contained in subsection (1), 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 the League.
(4) The by-laws of the League may, subject to the approval of the Registrar, be amended from time to time in the manner provided therein.
(5) Notwithstanding anything contained in section 20 of the Interpretation and General Clauses Ordinance, it shall not be necessary to publish the by-laws of the League in the Gazette.
officers. Schedule. League by-laws. (Cap. 1.)
1968 Ed.]
*
Credit Unions.
[CAP. 119
23
(ƒ) to undertake such other services for credit unions and the credit union movement as shall be consistent with this Ordinance.
65. On the date of commencement of this Ordinance- (a) all movable property vested before that date in any person in trust for the former League shall vest in the League;
(b) all liabilities lawfully incurred before that date by any person as trustee of the former League shall become liabilities of the League; and
(c) all legal proceedings pending by or against any such
trustee may be prosecuted by or against the League.
Vesting.
directors and
66. (1) There shall be a board of the League consisting of Board of five directors or of such greater number not exceeding fifteen as may be provided by the by-laws of the League.
(2) The first board of directors shall consist of the persons- (a) whose names appear in the first column of the Schedule; (b) whose residential addresses are specified in the second
column of the Schedule; and
(c) each of whom shall hold the office, if any, specified opposite each name in the third column of the Schedule.
(3) The first directors of the board shall hold office until either a board of directors is elected in accordance with the by- laws of the League or the 1st day of July 1970, whichever is the earlier.
(4) The board of the League shall have the general direction and management of the affairs, funds and records of the League.
67. (1) The League may make by-laws, which shall be sub- ject to the approval of the Registrar, for the carrying out of its objects.
(2) Such by-laws shall be consistent with this Ordinance and shall include provision for membership of the League and for the composition of and elections to the board.
(3) Notwithstanding anything contained in subsection (1), 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 the League.
(4) The by-laws of the League may, subject to the approval of the Registrar, be amended from time to time in the manner provided therein.
(5) Notwithstanding anything contained in section 20 of the Interpretation and General Clauses Ordinance, it shall not be necessary to publish the by-laws of the League in the Gazette.
officers.
Schedule.
League by-laws.
(Cap. 1.)
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