Credit union participation in federal or state loan programs; other powers

(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided. (2) A credit union may purchase conditional sales contracts, notes, and similar instruments of its members. (3) A credit union may finance for any person by way of installment sales contract the sale of the credit union's property, including property obtained as a result of defaults in obligations owed to it. (4) A credit union may engage in the leasing of personal property to its members.