(1) Without prejudice to section 56A, the board of directors shall appoint -
(a) a credit committee, which shall decide on applications for credit;
(b) a credit control committee, which shall seek to ensure the repayment of loans by members of the credit union in accordance with their loan agreements; and
(c) a membership committee which shall determine applications for membership of the credit union that have been rejected under a process referred to in section 17(9);
and the Third Schedule shall apply to the committees.
(2) The record of applications for credit furnished by a credit officer under section 65(2) shall be considered by the credit committee at its next following meeting and become part of the records of the credit union.
(3)[deleted]