Voluntary dissolution

(1) Subject to the approval of the Registrar, the members of a credit union may, by resolution supported by at least two- thirds of all the members, authorize the winding up of that credit (2) The Board shall cause a notice of a general meeting of the members to be sent to each member for the purpose of authorizing the winding up. (3) The members of a credit union may, at the meeting to be held for the purpose of authorizing the winding up, appoint a (4) The Registrar may approve the winding up if he– (a) receives notice, in satisfactory form, of an authorization to wind up a credit union; and (b) is satisfied that it is in the best interests of the credit union and its members. (5) The authorization approved pursuant to sub-section (4) shall specify– (a) the assets and liabilities of the credit union; (b) the claims of any creditors; (c) the number of members; and (d) the nature and extent of the members’ interests in the credit union. (6) Where a credit union is wound up under this section, any surplus assets remaining after all claimants have been paid shall be utilized in the manner specified in section 75. Credit Unions Act 67