(1) The board of directors may -

(a) appoint a person, other than the treasurer, an assistant treasurer or a member of the credit control committee or a credit control officer, as a credit officer to work under the supervision of the credit committee; and

(b) delegate to the credit officer the power to approve credit -

(i) that is fully secured by the shareholding of the borrowing member or to an amount in excess of that shareholding; or

(ii) that qualifies as emergency credit within such definitions and limitations as to amount, the terms of repayment and security required for emergency credit as may be established in writing by the board of directors;

and the amount of the excess referred to in paragraph (b)(i), shall be determined from time to time by the board of directors.

(2)[deleted]

(3) Where there has been a delegation of power to approve credit under subsection (1)(b), a credit officer shall inquire into the character and financial circumstances of an applicant for credit and the security offered, if any, in order to -

(a) ascertain the applicant's ability to repay a loan in accordance with its terms, and