24
CAP. 119]
Credit Unions.
[1968 Ed.
Registration with Registrar.
Sealing and signing of documents.
Membership.
Levy.
Stabilization fund.
68. (1) The League shall forward to the Registrar for registration the following-
(a) notice of the address of the principal office of the League
and any change thereof;
(b) a copy of the by-laws of the League and any amendment thereto, certified as correct by two members of the board of the League; and
(c) a list of the name, occupation and address of each member of the board and each officer of the League and any change therein, certified as correct by two members of the board of the League.
(2) A document required to be registered under subsection (1) shall be forwarded to the Registrar within twenty-eight days of the commencement of this Ordinance or within twenty-eight days of any change or amendment, as the case may be.
69. (1) The common seal of the League shall not be affixed to any instrument except by the authority of a resolution of the board and in the presence of the president of the board and either the treasurer thereof or such other person as the board may appoint for the purpose.
(2) The president and the treasurer, or such other person, shall sign every instrument to which the seal is so affixed.
(3) The board shall be responsible for the safe custody of the common seal of the League.
70. Subject to this Part, a credit union may become a member of the League.
71. (1) A credit union which is a member of the League may, for the purpose of financing the League, provide in its by-laws for a yearly levy on each of its members.
(2) The amount of such levy and the time and manner of payment thereof to the League shall be as provided in the by-laws of the League.
72. (1) The League may set up a fund, to be known as the stabilization fund, which shall be used in the manner set out in this section
(2) The stabilization fund may be used in providing interest free loans to a member credit union for the purpose of avoiding a liquidation thereof or for assisting in any matter connected with such liquidation.
(3) No such loan shall be provided except-
(a) where the League is satisfied that such provision is in
the best interests of the credit union movement; and
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24
CAP. 119]
Credit Unions.
[1968 Ed.
Registration with Registrar.
Sealing and signing of documents.
Membership.
Levy.
Stabilization fund.
68. (1) The League shall forward to the Registrar for regis- tration the following-
(a) notice of the address of the principal office of the League
and any change thereof;
(b) a copy of the by-laws of the League and any amendment thereto, certified as correct by two members of the board of the League; and
(c) a list of the name, occupation and address of each mem- ber of the board and each officer of the League and any change therein, certified as correct by two members of the board of the League.
(2) A document required to be registered under subsection (1) shall be forwarded to the Registrar within twenty-eight days of the commencement of this Ordinance or within twenty-eight days of any change or amendment, as the case may be.
69. (1) The common seal of the League shall not be affixed to any instrument except by the authority of a resolution of the board and in the presence of the president of the board and either the treasurer thereof or such other person as the board may appoint for the purpose.
(2) The president and the treasurer, or such other person, shall sign every instrument to which the seal is so affixed.
(3) The board shall be responsible for the safe custody of the common seal of the League.
70. Subject to this Part, a credit union may become a mem- ber of the League.
71. (1) A credit union which is a member of the League may, for the purpose of financing the League, provide in its by- laws for a yearly levy on each of its members.
(2) The amount of such levy and the time and manner of payment thereof to the League shall be as provided in the by-laws of the League.
72. (1) The League may set up a fund, to be known as the stabilization fund, which shall be used in the manner set out in this section
(2) The stabilization fund may be used in providing interest free loans to a member credit union for the purpose of avoiding a liquidation thereof or for assisting in any matter connected with such liquidation.
(3) No such loan shall be provided except-
(a) where the League is satisfied that such provision is in
the best interests of the credit union movement; and
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