(1) A credit union shall not carry on any business that is contrary to this Act, the regulations or its by-laws.
(2) A credit union shall not—
(a) engage in any business not appertaining to a credit union;
(b) underwrite insurance or the issue of securities by another person;
(c) act as agent for any insurance company or for any person in the placing of insurance; or
(d) subject to subsection (3), require, directly or indirectly, that a borrower place insurance for the society of the credit union in any particular insurance agency.
(3) Subsection (2)(c) does not prevent a credit union from requiring insurance for the security of the credit union.
(4) An act of a credit union, including the transfer of property to or by a credit union shall not be contrary to this Act or the regulations.
(5) Despite subsection (2)(a), a credit union may, with the permission of the Registrar, do all other acts and things as are incidental or conducive to or consequential upon the attainment of its objects.