1964_CREDIT_UNIONS_ORDINANCE — Page 9

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CAP. 119]

Credit Unions.

[1968 Ed.

Powers.

(Cap. 29.)

Capital divided into shares.

Allotment and subscription for shares.

Disposal of shares.

10. For the purpose of carrying out its objects, a credit union may-

(a) deposit money in any bank in the Colony approved by the

Registrar;

(b) invest in any stock, debenture stock, funds or securities in which a trustee may invest by virtue of the Trustee Ordinance;

(c) become a member of any other credit union;

(d) subject to section 43, borrow money;

(e) insure its loans, funds and property against loss; (ƒ) subject to this Ordinance, under the hands of its president and treasurer, or vice-president and treasurer, draw, make, accept, endorse, execute and issue promissory notes, bills of exchange, bills of lading, warrants and other negotiable or transferable instruments;

(g) hold, purchase, take on lease, sell, exchange, lease or

otherwise dispose of any land;

(h) do all such other acts and things as are incidental or con- ducive to or consequential upon the attainment of the objects mentioned in section 3.

PART III.

CAPITAL, SHARES AND MEMBERSHIP.

11. The capital of a credit union shall be unlimited in amount and shall be divided into shares of a value of five dollars each.

12. (1) Subject to this Ordinance, shares in a credit union may be allotted, subscribed and paid for in the manner provided in the by-laws.

(2) Shares in a credit union shall be allotted only to the members thereof.

(3) No share shall be allotted to a member until he has paid for it in cash in full without any premium or discount.

(4) A credit union shall not issue to a member a certificate denoting ownership of a share.

13. (1) Subject to this Ordinance, shares in a credit union may be transferred or withdrawn by the holder thereof in the manner provided in the by-laws.

(2) No transfer or withdrawal of shares in a credit union shall be valid unless approved by the board, which approval shall be withheld if the transfer or withdrawal would reduce the total number of members of the credit union to less than fifteen.