1968 Ed.]
Credit Unions.
[CAP. 119
7
(d) that the applicants have reasonable prospects of carrying out the objects of a credit union;
(e) that the applicants and the application comply with the requirements of this Ordinance.
(3) On such registration the Registrar shall send to the provisional secretary of the credit union-
(a) one copy of the memorandum of association;
(b) one copy of the by-laws, with his approval endorsed thereon; and
(c) a certificate of registration, in the prescribed form.
6. (1) Upon its registration, a credit union shall be a body corporate with perpetual succession and shall be capable of suing and being sued in its registered name and, subject to this Ordinance, of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) In addition, upon such registration-
(a) all the movable property for the time being vested in any person in trust for the credit union shall vest in it;
(b) all liabilities incurred by any person as trustee of the credit union shall become its liabilities; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the credit union in its registered name.
(3) The liability of a member of a credit union shall be limited to the amount of the shares held by him.
7. No credit union shall be registered under a name identical with that by which any other existing credit union has been registered, or so nearly resembling the same as to be likely to deceive, and the expression "credit union", or the Chinese expression "*", shall be the last words of the name of every credit union.
8. (1) Subject to this Ordinance, a credit union may, by resolution passed by two-thirds of the members, present and qualified to vote, at an annual meeting, or at a special meeting called for the purpose, amend its memorandum of association.
(2) No such amendment shall be of any effect until approved by the Registrar and his approval is endorsed by him on the memorandum of association.
9. Every credit union shall have a registered office in the Colony to which all communications and notices shall be sent. The credit union shall send to the Registrar written notice of the address of its registered office and of every change of the address thereof.
Incorporation with limited liability; and effect thereof.
Restriction on name.
Amendment of memorandum of association.
Registered office.
1968 Ed.]
Credit Unions.
[CAP. 119
7
!
(d) that the applicants have reasonable prospects of carrying
out the objects of a credit union;
(e) that the applicants and the application comply with the
requirements of this Ordinance.
(3) On such registration the Registrar shall send to the provi- sional secretary of the credit union-
(a) one copy of the memorandum of association;
(b) one copy of the by-laws, with his approval endorsed
thereon; and
(c) a certificate of registration, in the prescribed form.
6.
(1) Upon its registration, a credit union shall be a body corporate with perpetual succession and shall be capable of suing and being sued in its registered name and, subject to this Ordinance, of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) In addition, upon such registration-
(a) all the movable property for the time being vested in any
person in trust for the credit union shall vest in it;
(b) all liabilities incurred by any person as trustee of the
credit union shall become its liabilities; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the credit union in its registered name.
(3) The liability of a member of a credit union shall be limited to the amount of the shares held by him.
7. No credit union shall be registered under a name identical with that by which any other existing credit union has been regis- tered, or so nearly resembling the same as to be likely to deceive, and the expression "credit union", or the Chinese expression '*", shall be the last words of the name of every credit union.
8. (1) Subject to this Ordinance, a credit union may, by resolution passed by two-thirds of the members, present and qualified to vote, at an annual meeting, or at a special meeting called for the purpose, amend its memorandum of association.
(2) No such amendment shall be of any effect until approved by the Registrar and his approval is endorsed by him on the memo- randum of association.
9. Every credit union shall have a registered office in the Colony to which all communications and notices shall be sent. The credit union shall send to the Registrar written notice of the address of its registered office and of every change of the address thereof.
Incorporation
with limited liability; and effect thereof.
Restriction
on name.
Amendment of memorandum of association.
Registered office.
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