1964_CREDIT_UNIONS_ORDINANCE — Page 7

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CAP. 119]

Credit Unions.

[1968 Ed.

Conditions of registration.

Memorandum of association.

Registration.

PART II.

FORMATION AND POWERS OF CREDIT UNIONS.

3. (1) Any fifteen or more persons-

(a) each of whom is not less than sixteen years of age;

(b) at least three of whom are not less than twenty-one years

of age;

(c) who satisfy the requirements of section 15;

(d) who wish to associate themselves together as a credit

union for the objects set forth in subsection (2),

may be registered as a credit union.

(2) The objects of a credit union shall be-

(a) to promote thrift among its members;

(b) to receive the savings of its members either as payment

on shares or as deposits; and

(c) to make loans to its members, exclusively for provident

or productive purposes.

4. (1) The persons referred to in section 3 may apply for the registration of a credit union to the Registrar.

(2) Such persons shall sign in duplicate before two witnesses (who shall not be subscribers to the memorandum) a memorandum of association in the prescribed form and cause both copies thereof to be filed in the office of the Registrar.

(3) There shall be attached to the memorandum of association two copies of the by-laws by which it is proposed that the credit union shall be governed.

(4) The persons signing the memorandum of association shall appoint a provisional secretary, who shall hold office until a secretary of the board is appointed under section 29.

5. (1) When the memorandum of association is duly filed, the Registrar shall consider whether the application complies with this Ordinance and may make such inquiries as he deems necessary for that purpose.

(2) The Registrar, after making such inquiries, may register the credit union, if he is satisfied-

(a) that the proposed by-laws do not conflict with any provision of this Ordinance;

(b) that the proposed by-laws are sufficient to enable the

credit union to carry out its objects;

(c) that the body to which membership is limited is such as to ensure reasonable personal association amongst the members;