Co-Operative Societies Act 2008
32. Credit Committee
1. For the purposes of section 57 of the Act and subject to the Act and the by-laws, the Credit Committee of a credit union shall—
a. recommend to the Board policies and procedures to be followed by the credit union for approving and granting loans made by the credit union;
b. monitor, through reports from the credit union’s auditor and other officers of the credit union, loan procedures used by the credit union;
c. review all applications for loans, loan extensions and revisions of the terms of loans that are referred to it by the Board or an officer of the credit union; and
d. review reports of officers of the credit union that are submitted to it pursuant to paragraph (2).
2. The Credit Committee shall keep a record, with respect to each application for a loan or a renewal or extension of a loan considered by it, of—
a. the name of the applicant;
b. the amount of the loan applied for or the change in the terms or conditions applied for; and
c. whether the application was approved, declined or deferred.
3. Where, in the opinion of the Registrar, the policies of the credit union are not sufficient to protect the deposits of the credit union’s members, the Registrar, in writing, shall direct the credit union to take such measures to protect those deposits.
a. the Registrar has sent a written directive pursuant to paragraph (3);
b. the credit union fails to take measures that protect the deposits of the credit union members, or the measures taken are, in the opinion of the Registrar, insufficient.;
c. the Registrar is of the opinion that the credit union has not sufficiently protected the deposits of its members; the Registrar may direct the credit union to adopt and follow any policies that the Registrar may impose and the credit union shall adopt and follow those policies and the Board of Directors of the credit union shall ensure that the credit union does adopt and follow those policies.