Credit Union Act, 1966

Power of a credit union to effect certain insurances.

25.—(1) Notwithstanding anything in the Insurance Acts, 1909 to 1964, the Minister may authorise in writing a credit union to take out with a person, not being a person to whom a licence has been granted under Part II of the Insurance Act, 1936 , insurance of the following types—

(a) insurance of a member of the credit union in the event of his disablement, or insurance of the member's estate in the event of his death, against liability to the credit union for loans made by the credit union to such member and outstanding at such disablement or death,

(b) life insurance of a member of the credit union for an amount equal to or proportionate to the sum of his deposits with and shares in the credit union,

(c) such other types of insurance as the Minister may think desirable to authorise for the proper regulation of the affairs of credit unions.

(2) An authority under this section may—

(a) be either general or particular,

(b) be subject to such conditions as the Minister may consider appropriate and are set out therein, and

(c) be withdrawn at any time, without prejudice to the validity of anything done under such authority before such withdrawal.