### Credit Unions Ordinance 《儲蓄互助社條例》

57. Credit union may resolve to be wound up
(1) Subject to this section, a credit union may—
(a) by instrument in writing signed by three-quarters of its members qualified to vote at its meetings; or
(b) by resolution passed by three-quarters of its members qualified to vote and voting at a special meeting called for the purpose,
resolve that it be wound up.
(2) Every credit union shall give at least 10 days prior notice in writing to the Registrar of its intention to issue any such instrument for the signature of its members or to hold any such meeting, as the case may be. (Amended E.R. 7 of 2020)
(3) Where a credit union resolves under subsection (1) that it be wound up, a copy of the instrument or a record of the resolution, certified by the president and treasurer of the credit union, shall be delivered forthwith to the Registrar who shall, as soon as practicable thereafter, make an order cancelling the registration of the credit union.
(Amended 35 of 1995 s. 7)

58. Cancellation of registration by Registrar
(1) The Registrar may, after an inquiry under section 54(1), give notice to a credit union by registered post of his intention to cancel its registration, setting out any of the grounds specified in subsection (2) and stating that, unless cause is shown to the contrary within 1 month of the date of service of the notice, he will make an order cancelling its registration.
(2) The grounds referred to in subsection (1) for cancelling the registration of a credit union are that—
(a) the number of members qualified to vote at meetings of the credit union has been reduced to less than 15;
(b) the registration of the credit union was obtained by fraud or mistake;
(c) the credit union is not a bona fide credit union;
(d) the credit union exists for an illegal purpose;
(e) the credit union is unable to pay its debts;
(f) the credit union is not carrying on business or is not in operation; or
(g) the credit union has wilfully contravened any of the provisions of this Ordinance.
(3) The Registrar may, if he has given notice under subsection (1), and unless in his opinion sufficient cause to the contrary is shown by the credit union within 1 month of the date of service of the notice, by order in writing cancel the registration of the credit union.
(Replaced 35 of 1995 s. 8)

### Credit Unions Ordinance 《儲蓄互助社條例》

59. When order cancelling registration takes effect
(1) Where no appeal is made under section 62(1) within 14 days from the making of an order cancelling the registration of a credit union, the order shall take effect on the expiry of that period.
(2) Where an appeal is made within 14 days under section 62(2), the order shall not take effect until it is confirmed by the District Court hearing the appeal.
(Replaced 35 of 1995 s. 9)

60. Order for custody of books and protection of assets
Where the registration of a credit union is cancelled under section 57(3) or 58(3), the Registrar may make such further order as he thinks fit for the custody of the books and documents and the protection of the assets of the credit union until the order cancelling the registration takes effect. 
(Replaced 35 of 1995 s. 10)

61. Appointment of liquidator on, and the effect of, cancellation of registration
Where the registration of a credit union is cancelled by order of the Registrar under section 57(3) or 58(3)—
(a) he may appoint one or more persons to be, subject to his direction and control, the liquidator or liquidators of the credit union; and
(b) the credit union shall cease to exist as a corporate body from the date on which the order takes effect, but any rights or duties conferred or imposed on the credit union by or under section 22 or 23 are deemed to be vested in the liquidator appointed for it by the Registrar.
(Replaced 35 of 1995 s. 11)

### Credit Unions Ordinance 《儲蓄互助社條例》

61A. Liquidator’s powers
(1) A liquidator appointed under section 61 shall, subject to the direction and control of the Registrar and to any limitations imposed by the Registrar by order under section 61B, have power to—
(a) appoint by notice published in the Gazette a day before which creditors whose claims are not already recorded in the books of the credit union shall state their claims before they prove them;
(b) decide any question of priority which arises between creditors;
(c) decide by what persons and in what proportions the costs of liquidation are to be borne;
(d) give such directions in regard to the collection and distribution of assets as may be necessary in the course of winding-up the credit union;
(e) compromise any claim by or against the credit union if the permission of the Registrar has first been obtained;
(f) call such general meetings of members as may be necessary for the proper conduct of the liquidation;
(g) take possession of the books, documents and assets of the credit union;
(h) sell the property of the credit union;
(i) carry on the business of the credit union so far as may be necessary for winding it up beneficially, but nothing in this section shall entitle the liquidator to grant any loan; and
(j) arrange for the distribution of the assets of the credit union in a convenient manner when a scheme of distribution has been approved by the Registrar.
(2) A liquidator appointed under section 61 shall, so far as such powers are necessary for carrying out the purposes of this section, have all the powers of a magistrate to summon and enforce the attendance of parties and witnesses and to compel the production of documents.
(Added 35 of 1995 s. 12)

61B. Power of Registrar to control liquidation
The Registrar may—
(a) rescind or vary any order made by a liquidator and make whatever new order is required;
(b) remove a liquidator from office;
(c) call for all books, documents and assets of the credit union;
(d) by order in writing limit the powers of a liquidator under section 61A;
(e) require accounts to be rendered to him by the liquidator;
(f) procure the auditing of the liquidator’s accounts and authorize the distribution of the assets of the credit union;
(g) make an order for the remuneration of the liquidator.
(Added 35 of 1995 s. 12)