Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
  Version 4 of 4    

36. Approval of loans.

(1) A credit union shall not make a loan to a member unless it is approved in accordance with this section.

(2) Subject to subsections (3) and (5), a loan must be approved, according as the rules of the credit union require -

(a) by such number of members of the board of directors voting by secret ballot at a meeting of the board at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the members of the board as a whole; or

(b) by such number of members of the credit committee present at a meeting of that committee at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the committee members as a whole; or

(c) by a credit officer.

(3) Subject to subsection (5), a loan to an officer is required to be approved by not less than two-thirds of the members of a special committee voting by secret ballot at a meeting at which the application for the loan is consider