Effect of certificate of registration

(1) If the Registrar refuses to register a credit union, refusal shall be communicated in writing and appeals from such refusal shall be made in accordance with section 67. (2) Except for a credit union that is deemed to be registered under this Act, a credit union comes into being on the date inscribed on the certificate of registration. (3) A certificate of registration issued by the Registrar to a credit union shall be admissible in evidence as conclusive proof that the credit union named in the certificate is registered pursuant to this Act and has complied with all the requirements for registration under this Act. (4) A credit union which is duly registered under this Act, has the capacity to carry on its business in accordance with its (5) No credit union may engage in any business other than that which is connected with its objectives or which is reasonably incidental to its objectives, except with written approval of the Registrar.