[F1Loans to be treated as securedN.I.
28A.—(1) This Article applies where—
(a)a credit union makes a loan to a member of the credit union, and
(b)at the time the loan is made, the member's paid-up shareholding in the credit union is equal to or greater than his total liability (including contingent liability) to the credit union, whether as borrower, guarantor or otherwise.
(2) On the application of the member to the credit union, the loan shall be treated for the purposes of this Order as a secured loan.]