(1) If, with respect to any credit union, the Authority considers it expedient to do so having regard to the interests of all the members of the credit union or in the interests of potential members of the credit union, it may give a direction prohibiting the credit union to such extent and subject to such conditions as may be specified in the direction from carrying on any one or more of the following activities, that is to say. -
(a) borrowing money;
(b) accepting a payment representing the whole or any part of an amount due by way of subscription for a share in the credit union other than a payment which fell due before the making of the order;
(c) lending money; and
(d) repaying share capital;
and Schedule 2 to this Act shall have effect in relation to the giving of a direction under this section.
(2) Nothing in any direction given under this section shall make it unlawful for a credit union to borrow from an authorised bank if the credit union has obtained the consent in writ