(1) This section applies where, in the case of a member of a credit union or a person claiming through such a member, the credit union's board of directors is satisfied -
(a) after considering medical evidence, that the member or other person is incapable by reason of a mental condition to manage and administer his own property; and
(b) that no person has been duly appointed to administer his property on his behalf, whether by a court, pursuant to Part II of the Powers of Attorney Act, 1996, or otherwise.
(2) If, in a case where this section applies, it is proved to the satisfaction of the board of directors that it is just and expedient to do so, the credit union may pay the amount of any property belonging to the member or other person (whether in the form of savings, loans, insurances or otherwise) to any person whom the board judges proper to receive it on his behalf and who furnishes to the board such a statement as is referred to in subsection (3); and a receipt for that amo