(1) None of the documents specified in subsection (2) shall be effective in law to bind a credit union unless signed by at least two officers of the credit union, one of whom shall be a member of the board of directors.

(2) The documents to which subsection (1) applies are any of the following, so far as not required by law to be under the seal of a credit union -

(a) a conveyance or transfer of property of any description by a credit union; and

(b) any other document which does not fall within section 55(1)(o)(vi) but by which a credit union enters into an obligation of any description.

(3) If the rules of a credit union make provision as to the officers by whom documents to which subsection (1) applies are to be signed, a document which purports to be signed as required by that subsection shall not be invalid by reason of any failure to comply with any such provision of the rules.

(4) The provisions of this section are without prejudice to any additional provisions as to signatures imposed by the Bank by way of condition under section 49.