A 12
[Subsidiary]
Application for a loan.
Sanction of loan.
Security for loans.
Purposes of loans.
Documents relating to loans.
CAP. 331
Co-operative Societies Rules.
[1964 Ed.
(b) fix the salary, wages or remuneration of every such clerk or employee.
(2) Every clerk or employee appointed under this rule shall hold office during the pleasure of the committee.
Rules applicable to Credit Societies.
42. Members who desire to obtain a loan shall submit an application to the committee stating the amount and the purpose for which the loan is required, the term for which it is asked, whether it is desired to repay it by instalments, and the names of the proposed sureties or any other security which is offered.
43. (1) The committee shall consider at a meeting every application for a loan, and if the committee is satisfied with the trustworthiness of the applicant, the sufficiency of the security offered and the prospects of advantage to the borrower, in the way of increased production or economy or otherwise, it may sanction the loan.
(2) No person other than members of the committee and the secretary and the Registrar and his staff shall be present at any meeting of the committee when an application for a loan is under consideration. A member of the committee who applies for a loan or who is proposed as surety for a loan shall withdraw while the relevant application is being discussed. If there is a difference of opinion concerning the granting of a loan, the voting shall be taken by ballot. The proceedings with regard to loans at committee meetings shall be kept secret, and any member of the committee or officer of the registered society infringing this rule shall be liable to immediate expulsion or dismissal.
44. Loans, when approved by the committee, shall be granted to members who are able to obtain two sureties approved by the committee, or who can give other security to the satisfaction of the committee. If the committee are of the unanimous opinion that the member's personal character and industry are such that other security is not necessary then, on approval by the Registrar, such loan may be made to the member without sureties or other security.
45. (1) No loan shall be made except for a purpose to be approved in each case by the committee.
(2) All loans made shall be applied by the borrowing members to such purpose as the committee has approved.
46. When a loan is sanctioned by the committee a notice shall be sent to the borrower to that effect, and, before the amount is advanced, the borrower (and his sureties if any) shall execute an instrument in writing setting out the terms of repayment of the loan and containing such other terms and conditions as the committee may consider necessary.
A 12
[Subsidiary]
Application for a loan.
Sanction of loan.
Security for loans.
Purposes of loans.
Documents relating to loans.
CAP. 331
Co-operative Societies Rules.
[1964 Ed.
(b) fix the salary, wages or remuneration of every such clerk
or employee.
(2) Every clerk or employee appointed under this rule shall hold office during the pleasure of the committee.
Rules applicable to Credit Societies.
42. Members who desire to obtain a loan shall submit an application to the committee stating the amount and the purpose for which the loan is required, the term for which it is asked, whether it is desired to repay it by instalments, and the names of the proposed sureties or any other security which is offered.
43. (1) The committee shall consider at a meeting every application for a loan, and if the committee is satisfied with the trustworthiness of the applicant, the sufficiency of the security offered and the prospects of advantage to the borrower, in the way of increased production or economy or otherwise, it may sanction the loan.
(2) No person other than members of the committee and the secretary and the Registrar and his staff shall be present at any meeting of the committee when an application for a loan is under consideration. A member of the committee who applies for a loan or who is proposed as surety for a loan shall withdraw while the relevant application is being discussed. If there is a difference of opinion concerning the granting of a loan, the voting shall be taken by ballot. The proceeding with regard to loans at committee meetings shall be kept secret, and any member of the committee or officer of the registered society infringing this rule shall be liable to immediate expulsion or dismissal.
44. Loans, when approved by the committee, shall be granted to members who are able to obtain two sureties approved by the committee, or who can give other security to the satisfaction of the committee. If the committee are of the unanimous opinion that the member's personal character and industry are such that other security is not necessary then, on approval by the Registrar, such loan may be made to the member without sureties or other security.
45. (1) No loan shall be made except for a purpose to be approved in each case by the committee.
(2) All loans made shall be applied by the borrowing mem- bers to such purpose as the committee has approved.
46. When a loan is sanctioned by the committee a notice shall be sent to the borrower to that effect, and, before the amount is advanced, the borrower (and his sureties if any) shall execute an instrument in writing setting out the terms of repayment of the loan and containing such other terms and conditions as the com- mittee may consider necessary.
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