### Credit Unions Ordinance 《儲蓄互助社條例》

68. Registration with Registrar
(1) The League shall forward to the Registrar for registration the following—
(a) notice of the address of the principal office of the League and any change thereof;
(b) a copy of the by-laws of the League and any amendment thereto, certified as correct by two members of the board of the League; and
(c) a list of the name, occupation and address of each member of the board and each officer of the League and any change therein, certified as correct by two members of the board of the League.
(2) A document required to be registered under subsection (1) shall be forwarded to the Registrar within 28 days of the commencement* of this Ordinance or within 28 days of any change or amendment, as the case may be. (Amended E.R. 7 of 2020)

Editorial Note:
* Commencement date: 28 February 1970.

69. Sealing and signing of documents
(1) The common seal of the League shall not be affixed to any instrument except by the authority of a resolution of the board and in the presence of the president of the board and either the treasurer thereof or such other person as the board may appoint for the purpose.
(2) The president and the treasurer, or such other person, shall sign every instrument to which the seal is so affixed.
(3) The board shall be responsible for the safe custody of the common seal of the League.

70. Membership
Subject to this Part, a credit union may become a member of the League.

71. Levy
(1) A credit union which is a member of the League may, for the purpose of financing the League, provide in its by-laws for a yearly levy on each of its members.
(2) The amount of such levy and the time and manner of payment thereof to the League shall be as provided in the by-laws of the League.

### Credit Unions Ordinance 《儲蓄互助社條例》

72. Stabilization fund
(1) The League may set up a fund, to be known as the stabilization fund, which shall be used in the manner set out in this section and shall not be used in any other manner except with the prior approval in writing of the Registrar. (Amended 39 of 1976 s. 3)
(2) The stabilization fund may be used in providing interest free loans to a member credit union for the purpose of avoiding a liquidation thereof or for assisting in any matter connected with such liquidation.
(3) No such loan shall be provided except—
(a) where the League is satisfied that such provision is in the best interests of the credit union movement; and
(b) on a resolution, passed by at least two-thirds of the members of the board of the League, determining the amount of the loan and the conditions under which it is to be provided.
(4) Section 43 shall not apply in respect of any such loan.

72A. Borrowing powers
(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 (總資產) does not include the stabilization fund set up under section 72.
(Added 39 of 1976 s. 4)

72B. Power to mortgage etc. as security for borrowed money
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 1976 s. 4)

73. Application of other sections to League
Save in so far as is otherwise provided in this Part, sections 10, 49, 52, 53, 54, 76, 77, 80 and 81 shall, to the extent that they are applicable, apply to the League as though it were a credit union.

### Credit Unions Ordinance 《儲蓄互助社條例》

74. Saving
Nothing in this Part shall affect or be deemed to affect the rights of the Central Authorities or the Government of the Hong Kong Special Administrative Region under the Basic Law and other laws, or the rights of any body politic or corporate or of any other persons except such as are mentioned in this Part and those claiming by, from or under them.
(Amended 61 of 2000 s. 3)

75. Illegal loans
(1) Save as is provided in section 10(a) and (b), any director or any member of the supervisory committee or of the credit committee of a credit union, or any loan officer thereof, who knowingly makes or permits the making of a loan from any fund of the credit union to any person who is not a member of the credit union shall be guilty of an offence and shall be liable on conviction to a fine at level 2 and to imprisonment for one year. (Amended E.R. 7 of 2020)
(2) A person who is convicted of an offence under subsection (1) shall be liable to the credit union for the amount so loaned, and the illegality of such a loan shall be no defence in any proceedings by the credit union for the recovery of that amount.

76. False returns to Registrar
Any person who makes any return or furnishes any information, statement, record, or other document required by this Ordinance to be made or furnished to the Registrar knowing the same to be in any respect false or insufficient shall be guilty of an offence.

77. Prohibition of disclosure of certain information
Any officer of a credit union, or any person entrusted with or participating in the management thereof, who discloses to any person any information regarding a transaction of a member of that credit union therewith, save in so far as may be necessary for the proper conduct of the business of that credit union, shall be guilty of an offence.

78. Failure to report resolution for winding-up
Any person who—
(a) contravenes the provisions of section 57(2); or
(b) being a president or treasurer of a credit union, fails to deliver to the Registrar a copy of the instrument or record of the resolution in accordance with section 57(3),
shall be guilty of an offence.
(Amended E.R. 7 of 2020)