(1) Legal proceedings in respect of any contract or other transaction entered into by an unincorporated body before the date on which it secures registration as a credit union by virtue of this Act, or purporting to be entered into by that body or by any person on its behalf before that date, may be brought by or against the credit union, subject to the Statute of Limitations, 1957, as if it had been registered as a credit union by virtue of this Act at the date of the contract or other transaction.
(2) Subsection (1) shall not apply to any body which first secures registration as a credit union by virtue of this Act on a date which is more than two years after the commencement of this Act.