CREDIT UNIONS ORDINANCE - minor amendment

CREDIT UNIONS ORDINANCE - minor amendment

CHAPTER 119

CREDMUNIONS

1. The Credit Unions Ordinance was brought into operation on
28 February 1970.

2. The Credit Unions Ordinance is amended-

(1) by repealing section 59 and substituting---
59. Notwithstanding any requirement in any rules
made under the Companies Ordinance relating to the
winding-up of companies, no deposit with the Official
Receiver shall be required in respect of a petition under
section 57 or 58.
(Replaced 39 of 1976 s. 2)

(2)in the heading to Part X1 by repealing 'KONG' where it first
appears and substituting 'HONG';

(3) in section 72(1) by adding after 'this section'-
and shall not be used in any other manner except with the
prior approval in writing of the Registrar

(4) by adding after section 72-
72A. (1) Subject to this section, the League may
borrow money for the carrying out of its objects.
(2) No money shall be borrowed by the League save
upon a resolution of its board.
(3) The League may not borrow money so that its
total indebtedness would in consequence exceed 50 per
cent of its total assets.
(4) The League may not borrow money, so that its
total indebtedness would in consequence exceed 25 per
cent of its total assets, except in addition to the board's
resolution, upon a resolution passed by not less than three-
fourths of the members, present and qualified to vote, at a
special meeting of the League called for the purpose or if
sAnctioned in writing by not less than two-thirds of the
total number of the members of the League qualified to
vote.
(5) In this section 'total assets' does not include the
stabilization fund set up under section 72.
(Added 39 of 1976s. 4)
72B. The League may mortgage, charge or pledge
any. of its property to secure any liability for the repayment
of money borrowed in accordance with section 72A.
(Added 39 of 1976s. 4)
Rectified by the Attorney General under the Revised Edition of the Laws
Ordinance 1965.
L.N. 30 of 1970 39 of 1976 s. 2. No deposit required on winding-up (Cap. 32) 39 of 1976 s. 3. Borrowing powers Power to mortgage etc. as security for borrowed money

L.N. 30 of 1970 39 of 1976 s. 2. No deposit required on winding-up (Cap. 32) 39 of 1976 s. 3. Borrowing powers Power to mortgage etc. as security for borrowed money

https://oelawhk.lib.hku.hk/items/show/3693

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