### Credit Unions Ordinance 《儲蓄互助社條例》

61C. Closure of liquidation
(1) In the winding-up of a credit union whose registration has been cancelled, the funds, including the reserve fund, shall be applied in the following order of priority—
(a) to the costs of liquidation;
(b) to the discharge of the liabilities of the credit union;
(c) to the payment of the shares; and
(d) if the by-laws of the credit union permit, to the payment of a dividend at a rate not exceeding 6% per annum for any period for which no payment of dividend was made.
(2) If at the closing of the liquidation of a credit union any of its creditors has not claimed or received what is due to him under the scheme of distribution, notice of the closing of the liquidation shall be published in the Gazette; and, all claims against the funds of the credit union shall be barred when 2 years have elapsed from the date of the publication of the notice in the Gazette.
(3) Any surplus remaining after the application of the funds to the purposes specified in subsection (1) and the payment of any claims for which an action is instituted under subsection (2) shall be available for use by the Registrar for any credit union purpose at his discretion.
(Added 35 of 1995 s. 12)

61D. Power of Registrar to surcharge officers, etc., of a credit union
Where in the course of winding-up a credit union it appears that any person who has taken part in its organization or management, or any past or present officer of the credit union, has misapplied or retained or become liable or accountable for any of its money or property or has been guilty of misfeasance or breach of trust in relation to the credit union, the Registrar may, on the application of the liquidator or of any creditor, investigate the conduct of such person and notwithstanding that that conduct may be criminal make an order requiring him to—
(a) repay or restore the money or property or any part thereof with interest at such rate as the Registrar thinks just; or
(b) contribute such sum to the assets of the credit union by way of compensation in regard to the misapplication, retention, dishonesty or breach of trust as the Registrar thinks fit.
(Added 35 of 1995 s. 12)

### Credit Unions Ordinance 《儲蓄互助社條例》

62. Appeal against action of Registrar
(1) If the Registrar—
(a) refuses to register a credit union under section 5;
(b) fails to register a credit union within 30 days of the receipt of a memorandum of association duly filed for the purpose; (Amended E.R. 7 of 2020)
(c) refuses or fails to give his approval, within 30 days of the receipt, of any written application therefor, when his approval is required for any purpose under this Ordinance; (Amended E.R. 7 of 2020)
(d) under section 54, orders a credit union to suspend business,
(e) under section 57(3) or 58(3), orders the cancellation of the registration of a credit union; or (Added 35 of 1995 s. 13)
(f) makes an order under section 61D, (Added 35 of 1995 s. 13)
any person aggrieved thereby may, subject to this section, appeal against such refusal, failure or order to the District Court.
(2) An appeal under this section shall be entered within 14 days— (Amended E.R. 7 of 2020)
(a) after the date of any refusal to register or of any order under subsection (1), in the case of an appeal under paragraph (a), (d), (e) or (f) of subsection (1); or (Amended 35 of 1995 s. 13)
(b) after the date of the expiry of the period of 30 days mentioned therein, in the case of an appeal under paragraph (b) or (c) of subsection (1). (Amended E.R. 7 of 2020)
(3) The decision of the District Court on any such appeal shall be final.

63. Incorporation of league of credit unions
(1) The body known as the Credit Union League of Hong Kong (hereinafter in this Part referred to as the former League

64. Objects of League
The objects of the League are—
(a) to protect and assist the credit unions which are members of the League;
(b) to provide educational and advisory services for credit unions;
(c) to encourage and assist in the organization of credit unions;
(d) to arrange for bonds and insurance on behalf of credit unions and their employees;
(e) to set up a stabilization fund in accordance with section 72;
(f) to undertake such other services for credit unions and the credit union movement as shall be consistent with this Ordinance.

### Credit Unions Ordinance 《儲蓄互助社條例》

65. Vesting
On the date of commencement* of this Ordinance—
(a) all movable property vested before that date in any person in trust for the former League shall vest in the League;
(b) all liabilities lawfully incurred before that date by any person as trustee of the former League shall become liabilities of the League; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the League.

Editorial Note:
* Commencement date: 28 February 1970.

66. Board of directors and officers
(1) There shall be a board of the League consisting of 5 directors or of such greater number not exceeding 15 as may be provided by the by-laws of the League. (Amended E.R. 7 of 2020)
(2)-(3) (Omitted as spent—E.R. 7 of 2020)(4) The board of the League shall have the general direction and management of the affairs, funds and records of the League.

67. League by-laws
(1) The League may make by-laws, which shall be subject to the approval of the Registrar, for the carrying out of its objects.
(2) Such by-laws shall be consistent with this Ordinance and shall include provision for membership of the League and for the composition of and elections to the board.
(3) Notwithstanding anything contained in subsection (1), any by-laws which are prescribed under section 85(a) shall, subject to such modification as may be approved by the Registrar, be deemed to be the by-laws of the League. (Amended E.R. 7 of 2020)
(4) The by-laws of the League may, subject to the approval of the Registrar, be amended from time to time in the manner provided therein.
(5) Notwithstanding anything contained in section 20 of the Interpretation and General Clauses Ordinance (Cap. 1), it shall not be necessary to publish the by-laws of the League in the Gazette.