Credit Union Act, 1997
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Payments in respect of mentally incapable persons. |
24.—(1) This section applies where, in the case of a member of a credit union or a person claiming through such a member, the credit union's board of directors is satisfied— | |
(a) after considering medical evidence, that the member or other person is incapable by reason of a mental condition to manage and administer his own property; and | ||
(b) that no person has been duly appointed to administer his property on his behalf, whether by a court, pursuant to Part II of the Powers of Attorney Act, 1996 , or otherwise. | ||
(2) If, in a case where this section applies, it is proved to the satisfaction of the board of directors that it is just and expedient to do so, the credit union may pay the amount of any property belonging to the member or other person (whether in the form of savings, loans, insurances or otherwise) to any person whom the board judges proper to receive it on his behalf and who furnishes to the board such a statement as is referred to in subsection (3); and a receipt for that amount signed by such a person shall be a sufficient discharge to the credit union for any sum so paid. | ||
(3) The statement mentioned in subsection (2) is one which certifies that the proposed recipient— | ||
(a) understands that it is his duty to apply the amount which is proposed to be paid in the best interests of the person to whom it belongs; and | ||
(b) is aware that he may incur civil or criminal liability if he misapplies the whole or any part of that amount; and | ||
(c) is not aware that any other person has authority to receive the whole or any part of that amount, whether by virtue of an order of a court, a power of attorney or otherwise. |