Credit Union Act, 1997
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Credit, credit control and membership committees. |
67.—(1) Without prejudice to paragraph (r) of section 55 , 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 consider applications for membership of the credit union; | ||
and the provisions of 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) The membership committee shall— | ||
(a) at least once in every month notify the board of directors of the new members whose applications they have approved; and | ||
(b) where there is a doubt in respect of an applicant's qualification for membership of the credit union, submit the application for membership to the board of directors for a decision. |