3. The Minister, upon the filing of the founding memorandum provided for in section 5 and after having obtained the opinion of the Inspector General, may authorize the formation of a savings and credit union for the following purposes:
(a) to receive, and employ to yield a return, the savings of its members;
(b) to make loans to them.
The Minister shall grant the authorization contemplated in the preceding paragraph only if a federation has accepted the affiliation with it of the union.
R. S. 1964, c. 293, s. 3; 1970, c. 59, s. 2; 1982, c. 52, s. 88.