### Credit Unions Ordinance 《儲蓄互助社條例》

1. Short title
(Amended E.R. 7 of 2020)This Ordinance may be cited as the Credit Unions Ordinance.
(Amended E.R. 7 of 2020)

2. Interpretation
In this Ordinance, unless the context otherwise requires—
board (董事會) means a board of directors of a credit union constituted under section 28;
by-laws (章程) means the by-laws made in accordance with Part VII and approved by the Registrar under section 5(3) or the by-laws (if any) prescribed under section 85; (Amended E.R. 7 of 2020)
credit union (儲蓄互助社) means a credit union registered under this Ordinance;
director (董事) means a director of a board;
financial year (財政年度) means the 12 months ending on 31 March in any year or on such other annual date as may be provided in the by-laws; (Amended E.R. 7 of 2020)
League (協會) means the Credit Union League of Hong Kong incorporated under Part XI;
officer (高級人員) and officer of a credit union (儲蓄互助社的高級人員) mean any of the persons specified in section 30;
Registrar (註冊官) means the Registrar of Credit Unions appointed under section 82;
share (股份) means, in relation to a credit union, each sum of $5 standing to the credit of a member in the accounts of that credit union; (Amended E.R. 7 of 2020)
share balance (股份結餘) means the total value of all—
(a) fully paid up shares; and
(b) instalments paid in respect of other shares,
appearing for the time being in the accounts of a credit union;

treasurer (司庫) means the person appointed under section 29 as treasurer or as treasurer and secretary of a board.

### Credit Unions Ordinance 《儲蓄互助社條例》

3. Conditions of registration
(1) Any 15 or more persons— (Amended E.R. 7 of 2020)
(a) each of whom is not less than 16 years of age; (Amended E.R. 7 of 2020)
(b) at least 3 of whom are not less than 21 years of age; (Amended E.R. 7 of 2020)
(c) who satisfy the requirements of section 15;
(d) who wish to associate themselves together as a credit union for the objects set forth in subsection (2),
may be registered as a credit union.
(2) The objects of a credit union shall be—
(a) to promote thrift among its members;
(b) to receive the savings of its members either as payment on shares or as deposits; and
(c) to make loans to its members, exclusively for provident or productive purposes.

4. Memorandum of association
(1) The persons referred to in section 3 may apply for the registration of a credit union to the Registrar.
(2) Such persons shall sign in duplicate before two witnesses (who shall not be subscribers to the memorandum) a memorandum of association in the prescribed form and cause both copies thereof to be filed in the office of the Registrar.
(3) There shall be attached to the memorandum of association two copies of the by-laws by which it is proposed that the credit union shall be governed.
(4) The persons signing the memorandum of association shall appoint a provisional secretary, who shall hold office until a secretary of the board is appointed under section 29.

5. Registration
(1) When the memorandum of association is duly filed, the Registrar shall consider whether the application complies with this Ordinance and may make such inquiries as he deems necessary for that purpose.
(2) The Registrar, after making such inquiries, may register the credit union, if he is satisfied—
(a) that the proposed by-laws do not conflict with any provision of this Ordinance;
(b) that the proposed by-laws are sufficient to enable the credit union to carry out its objects;
(c) that the body to which membership is limited is such as to ensure reasonable personal association amongst the members;
(d) that the applicants have reasonable prospects of carrying out the objects of a credit union;
(e) that the applicants and the application comply with the requirements of this Ordinance.
(3) On such registration the Registrar shall send to the provisional secretary of the credit union—
(a) one copy of the memorandum of association;
(b) one copy of the by-laws, with his approval endorsed thereon; and
(c) a certificate of registration, in the prescribed form.

### Credit Unions Ordinance 《儲蓄互助社條例》

6. Incorporation with limited liability and effect thereof
(Amended E.R. 7 of 2020)(1) Upon its registration, a credit union shall be a body corporate with perpetual succession and shall be capable of suing and being sued in its registered name and, subject to this Ordinance, of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) In addition, upon such registration—
(a) all the movable property for the time being vested in any person in trust for the credit union shall vest in it;
(b) all liabilities incurred by any person as trustee of the credit union shall become its liabilities; and
(c) all legal proceedings pending by or against any such trustee may be prosecuted by or against the credit union in its registered name.
(3) The liability of a member of a credit union shall be limited to the amount of the shares held by him.

7. Restriction on name
No credit union shall be registered under a name identical with that by which any other existing credit union has been registered, or so nearly resembling the same as to be likely to deceive, and the expression “credit union”, or the Chinese expression “儲蓄互助社”, shall be the last words of the name of every credit union.

8. Amendment of memorandum of association
(1) Subject to this Ordinance, a credit union may, by resolution passed by two-thirds of the members, present and qualified to vote, at an annual meeting, or at a special meeting called for the purpose, amend its memorandum of association.
(2) No such amendment shall be of any effect until approved by the Registrar and his approval is endorsed by him on the memorandum of association.

9. Registered office
Every credit union shall have a registered office in Hong Kong to which all communications and notices shall be sent. The credit union shall send to the Registrar written notice of the address of its registered office and of every change of the address thereof. 
(Amended 35 of 1995 s. 15)