Receipt of deposits

(1) Subject to the provisions of the Money Laundering and Terrorism (Prevention) Act a credit union may, without the authority, aid, assistance or intervention of any other person or officialCredit Unions Act 43 (a) receive deposits from its members or from any other persons, whatever their age, status or condition in life, whether or not those persons are qualified by law to enter into contracts and in the case of deposits received from non- members, the deposits so received shall be in keeping with the ordinary course of its operations and services; and (b) pay any or all of the deposits and any or all of the interest on the deposits to or to the order of those persons unless, before payment, the money so deposited is claimed by some other persons. (2) Subject to the provisions of any by-laws of a credit union made for the purpose, a credit union may receive loans or deposits from persons who are not members of the credit union for the purpose of meeting any of its obligations or discharging any of its functions under this Act. (3) A credit union may, by mortgage or in any other manner it deems appropriate, guarantee the repayment of any sums received by it pursuant to sub-sections (1) and (2). (4) A credit union may receive deposits from or for the benefit of minors and it shall be lawful for the credit union to pay such minors the interest which may become due on such provided that– (a) any payment of deposits or interest on deposits may be made to that minor or to the guardian of the minor for his use; (b) the receipt of any minor or guardian of a minor for money paid to him under this section shall be a good and sufficient discharge of the 44 Credit Unions Act liability of the credit union in respect of that money.