Hong Kong Ordinances

CREDIT UNIONS ORDINANCE - SECT 20

Payment on cessation of membership

(1) Subject to this section, any money owed in respect of shares by a
credit union to a past member thereof shall, after deduction of any money owed
by him to the credit union, be paid to him.

(2) A credit union may, if it thinks fit, postpone the payment of any money
owed to a past member for not more than ninety days after his membership ends.

(3) No payment shall be made by a credit union to a past member unless all his
liabilities to the credit union, whether as borrower, pledgor, guarantor or
otherwise, have been fully discharged or otherwise fully provided for by a
person other than the credit union.