(1) Where the Registrar is of the opinion that a credit union is unable, or is likely to become unable, to meet its obligations to creditors, or that it is expedient in the interest of the orderly and proper regulation of the business of a credit union, he may direct the credit union in writing to suspend, for such period not exceeding two months as shall be specified in the direction, the acceptance of any subscriptions for shares or of any deposits or loans not authorised by him or the making of payments not so authorised or both the acceptance of such subscriptions, deposits or loans and the making of such payments.
(2) A direction under this section shall have effect in accordance with its terms but, notwithstanding such a direction, a credit union may borrow money from a bank or from an officer of the credit union if the Registrar consents in writing to the borrowing.
(3) The Registrar may apply to the Court for an order confirming a direction under this section or for an ord