### Credit Unions Ordinance 《儲蓄互助社條例》

22. Debts owed by members or past members
(1) Any money owed to a credit union by a member or a past member shall be a civil debt and recoverable as such in a court of competent jurisdiction.
(2) A credit union shall have a lien on the shares of a member for any debt owed to it by him, and may set off any sum standing to the credit of such member in the accounts of the credit union towards the payment of such debt.

23. Payment to nominee or person entitled upon death of member
(1) Subject to this section, any money owed in respect of shares by a credit union to a member thereof who dies shall be paid to the person nominated in accordance with this section, or, if there is no person so nominated, to such person as may appear to the board, on such evidence as it deems satisfactory, to be entitled by law to receive the same, after deducting such amounts as may be owed by the deceased member to the credit union.
(2) A member of a credit union over the age of 16 years may in writing, signed by him in the presence of two attesting witnesses and deposited during his lifetime with the treasurer of the credit union, nominate any person (hereinafter in this section referred to as a nominee

24. Record of members and shares
A record of members and shares shall be kept by every credit union and shall contain and be prima facie evidence of—
(a) the name, address and occupation of each member;
(b) the number of shares (with the dates of allotment thereof) held by each member;
(c) the total number of shares and the amount paid up in respect thereof;
(d) the date on which each member was admitted to membership;
(e) the date on which a member ceased to be such;
(f) every appointment of a nominee under section 23.

### Credit Unions Ordinance 《儲蓄互助社條例》

25. Annual and special meetings
(1) There shall be an annual meeting of the members of a credit union within 90 days after the end of the financial year within which the first meeting of the credit union is held pursuant to section 27 and thereafter within 90 days after the end of each subsequent financial year. (Amended 35 of 1995 s. 3)
(2) Subject to this Ordinance, special meetings of the members may be called at the times and in the manner provided in the by-laws.
(3) Where in any case, due to the nature of the common occupation or employment of the persons forming a credit union, it is not practicable for all the members thereof to be present at the same instance at its annual or special meetings, substitute meetings of members may be held on two separate occasions in the manner provided in the by-laws, and meetings so held shall together be deemed to be annual or special meetings, whichever is appropriate.
(4) Subject to section 26, the voting and the procedure at annual and special meetings shall be in accordance with the by-laws.

26. Voting
(1) No member shall have more than one vote at any annual or special meeting and no voting by proxy shall be allowed thereat.
(2) Voting at an election of members to the board, the supervisory committee or the credit committee of a credit union shall be by secret ballot.

27. First meeting
(1) The provisional secretary of a credit union shall, within 10 days after the receipt by him of the certificate of registration issued in accordance with section 5, notify each of the members of the credit union that he has received it and shall summon the first meeting of the members, which shall be held within 14 days of the date of his receipt of the certificate. (Amended E.R. 7 of 2020)
(2) For the purposes of subsection (1), the body of persons which has been registered as a credit union under section 5 shall be deemed to be the members of the credit union.

### Credit Unions Ordinance 《儲蓄互助社條例》

28. Election and tenure of office of board of directors and committees
(1) At its first meeting after registration, a credit union shall elect from among its members—
(a) a board consisting of 5 directors or of such greater number, not exceeding 15, as may be provided in the by-laws; (Amended E.R. 7 of 2020)
(b) a supervisory committee consisting of such number of members, not exceeding 5, as may be provided in the by-laws; and (Replaced 35 of 1995 s. 4)
(c) a credit committee consisting of such number of members, not exceeding 5, as may be provided in the by-laws. (Replaced 35 of 1995 s. 4)
(2) At the annual meeting in every subsequent financial year there shall retire from office the number nearest one-third of the directors, one member of the supervisory committee and one member of the credit committee.
(3) The directors and committee members who shall retire in any year shall be those who have been longest in office since their last election; as between persons who became directors or committee members on the same day, those who shall retire shall (unless they otherwise agree among themselves) be determined by lot.
(4) A retiring director or committee member shall be eligible for re-election.
(5) At the annual meeting at which a director or committee member retires under subsection (2) the credit union shall fill the vacated office by electing a person thereto from among its members.
(6) Any vacancy occurring—
(a) on the board or the credit committee, shall be filled by appointment by the board within 14 days of the occurrence of such vacancy; or
(b) on the supervisory committee, shall be filled by appointment by that committee within 14 days of the occurrence of such vacancy. (Amended E.R. 7 of 2020)
(7) Where an appointment is made under subsection (6) other than for the purpose of filling a temporary vacancy caused through illness, absence from Hong Kong or any other cause, the person so appointed shall retire at the same time as if he had become a director or committee member, as the case may be, on the day on which the person in whose place he is appointed was last elected. (Amended 35 of 1995 s. 15)

### Credit Unions Ordinance 《儲蓄互助社條例》

29. Meetings of board and committees, and appointment of officers and procedure
(1) Immediately following its election the board shall hold its first meeting and thereat shall appoint from among its members a president, a vice-president, a treasurer and a secretary:
Provided that the board may appoint one person to perform the functions of both treasurer and secretary.
(2) The supervisory committee and the credit committee shall hold their first meetings immediately after election and shall appoint for each committee—
(a) a chairman, who shall preside at the meetings of the committee; and
(b) a secretary.
(3) Subsequent meetings of the board and of each committee shall be held at least once in every month and at such other times as may be considered necessary by the president, in the case of the board, or by the chairman, in the case of each committee, or as may be provided in the by-laws.
(4) If the president and vice-president are both absent from any meeting of the board, the members present may appoint one of themselves to preside at the meeting.
(5) If the chairman is absent from any meeting of the supervisory committee or the credit committee, the members present may appoint one of themselves to preside at the meeting.
(6) The number of members which shall constitute a quorum at a meeting of the board, the credit committee or the supervisory committee shall be as provided by the by-laws.

30. Officers of a credit union
The persons for the time being appointed to the offices referred to in section 29 shall be the officers of the credit union concerned.

31. Composition of the committees
(1) No member of the supervisory committee may be a director of the board or a member of the credit committee.
(2) Neither the president nor the treasurer of the board nor more than one director of a credit union may be a member of the credit committee thereof.

32. Remuneration
No director or member of either committee of a credit union shall, as such, receive remuneration from that credit union:
Provided that the treasurer may be paid such remuneration as may be determined at an annual meeting of the credit union.