The Principal Act is amended by substituting the following for section 65:
(1) The board of directors may -
(a) approve the appointment of a person by the manager, other than a member of the board, 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) assign to the credit officer the power to approve credit on its behalf -
(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) A record of each application for credit which has or has not been approved shall be furnished by t
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