(1) A credit union may make a loan, upon such securities (or without security) and terms as the rules may provide, to a member for a provident or productive purpose.
(2) Every application to a credit union for a loan shall be in writing and shall state the purpose for which the loan is required and the security (if any) offered therefor.
(3) A credit union may, subject to the rules, accept, in addition to other forms of security, a guarantee, or a pledge of shares or deposits in the credit union, by a member thereof in respect of a loan made by the credit union and such guarantee or pledge shall be deemed to be a security for such loan.
(4) A credit union may, subject to its rules, pay a loan to a member in fixed monthly instalments or in one sum and a member may repay such a loan in whole or in part on any day on which the office of the credit union is open for business.
(5) A loan shall not be made by a credit union to a member -
(a) unless the loan is approved by all the member