Operation of credit union
Holding of land32
1
A credit union may acquire and hold in its own name any land for the purpose of conducting its business on the land but, subject to paragraph (2), for no other purpose, and may dispose of any such land; and—
a
no person shall be bound to inquire as to the authority for any dealing with the land by a credit union; and
b
the receipt of the credit union shall be a discharge for all money arising from or in connection with any dealing with land by it.
2
A credit union may hold any estate in land so far as is necessary for the purpose of making loans to its members on the security of an estate in land and of enforcing any such security.
3
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4
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