(1) Whenever required to do so in accordance with subsection (2), every officer of a credit union who has the receipt or charge of money on behalf of the credit union shall -

(a) render such an account as may be required by the credit union or its board of directors;

(b) pay over all such money and deliver all such property of the credit union for the time being under his custody or control to such person as the credit union or its board of directors may appoint.

(2) Either or both of the requirements in subsection (1) shall arise -

(a) on demand; or

(b) on the service on the officer of a notice in writing imposing the requirement or, as the case may be, both of the requirements;

and the requirement in paragraph (a) of that subsection shall also arise at such times as may be determined under the rules of the credit union.

(3) After the death of an officer of a credit union, references in subsections (1) and (2) to the officer shall be taken to include references to his personal representatives.