Credit Union Act, 1997
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Acquisition, holding and disposal of land. |
41.—(1) A credit union may acquire and hold in its own name any land for the purpose of conducting its business on the land (including erecting a building on the land for that purpose) but for no other purpose. | |
(2) A credit union may dispose of any land held by it and, where it does so— | ||
(a) no person shall be bound to inquire as to the authority for any dealing with the land by the credit union; and | ||
(b) a receipt of the credit union shall be a discharge for all money arising from or in connection with any dealing with land by it. | ||
(3) For the purposes of subsection (2) (but not subsections (4) and (5)), a disposal of land held by a credit union includes the creation, out of the interest held by the credit union, of a lease, sub-lease or lesser interest. | ||
(4) If a building held by a credit union entirely ceases to be occupied for the purposes of the business of the credit union, the credit union shall dispose of its interest in that building as soon as it is practicable to do so. | ||
(5) If the Registrar is of the opinion that any building or other land held by a credit union is not in the best interest of the credit union, he may direct the credit union to dispose of its interest in it. | ||
(6) A credit union which— | ||
(a) holds any land contrary to subsection (1), or | ||
(b) fails to comply with a direction under subsection (5), | ||
shall be guilty of an offence. | ||
(7) Section 3 (3) shall not apply to a direction under subsection (5). |