Hong Kong Ordinances

CREDIT UNIONS ORDINANCE - SECT 14

Restriction on disposal of shares by officers, etc.

(1) No officer or member of a credit union, whilst entrusted with or
participating in the management of the affairs of the credit union, shall
pledge, transfer, withdraw or otherwise dispose of his shares except in
accordance with this Ordinance and the by-laws.

(2) If a credit union is wound up under Part IX, any disposition of shares by
way of pledge, transfer, withdrawal or otherwise made by an officer or member
thereof within the four months preceding the commencement of the winding-up
shall be invalid and the officer or member shall remain liable to the
creditors of the credit union to the extent of any shares so disposed of.