(1) A credit union may hold, purchase or take on lease in its own name any land for the purpose of conducting its business thereon but, subject to subsection (3) below, for no other purpose, and may sell, exchange, mortgage or lease any such land, and erect, alter or pull down buildings on it.

(2) In the application of subsection (1) above to Scotland -

(a) for the word "exchange "there shall be substituted the word "excamb ", and

(b) for the word "mortgage "there shall be substituted the words "grant a heritable security over ".

(3) A credit union shall have power to hold any interest in land so far as is necessary for the purpose of

(a)making loans to its members on the security of an interest in land and of enforcing any such security, or

(b) entering into agreements mentioned in section 11E(1) with members on the security of an interest in land and of enforcing any such security.

(4) [deleted]

(5) [deleted]