1964_CREDIT_UNIONS_ORDINANCE — Page 6

1968 Ed.]

Credit Unions.

[CAP. 119

CHAPTER 119.

CREDIT UNIONS,

To incorporate and regulate credit unions and the Credit Union League of Hong Kong, and to provide for matters incidental thereto.

Originally 39 of 1968.

[

PART I

PRELIMINARY.

1. This Ordinance may be cited as the Credit Unions Ordinance and shall come into operation on a day to be appointed by the Governor by notice in the Gazette.

Short title and commencement.

2. In this Ordinance, unless the context otherwise requires-- Interpretation.

"board" means a board of directors of a credit union constituted under section 28;

"by-laws" means the by-laws made in accordance with Part VII and approved by the Registrar under subsection (3) of section 5 or the by-laws (if any) prescribed under section 85;

"credit union" means a credit union registered under this Ordinance;

"director" means a director of a board;

"financial year" means the twelve months ending on the 31st day of March in any year or on such other annual date as may be provided in the by-laws;

"League" means the Credit Union League of Hong Kong incorporated under Part XI;

"officer" and "officer of a credit union" mean any of the persons specified in section 30;

"Registrar" means the Registrar of Credit Unions appointed under section 82;

"share" means, in relation to a credit union, each sum of five dollars standing to the credit of a member in the accounts of that credit union;

"share balance" means the total value of all-

(a) fully paid up shares; and

(b) instalments paid in respect of other shares,

appearing for the time being in the accounts of a credit union;

"treasurer" means the person appointed under section 29 as treasurer or as treasurer and secretary of a board.

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