Hong Kong Ordinances

CREDIT UNIONS ORDINANCE - SECT 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 sixteen 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) to receive in the event
of his death any money owed to him in respect of shares by the credit union.

(3) A member of a credit union shall be entitled to appoint only one nominee
unless he holds more than one share.

(4) If more than one nominee is appointed by a member the exact proportion of
the amount available which is to be payable to each nominee shall be specified
at the time of nomination.

(5) If any payment is made under this section to a nominee who is a minor, a
receipt given either by the minor or by his guardian shall be sufficient
discharge to the credit union.