Guarantees

9.1. Every loan must be fully secured by a minimum of three guarantors.
9.2. Where a member chooses to use his own shares to guarantee his loan, the loan applied for and interest payable must be less than or equal to shares.
9.3. A member may guarantee maximum of eight loans.
9.4. A member shall not be allowed to guarantee more than his/her shares/savings.
9.5. All guarantors must be members of the Society.
9.6. The obligation of the previous guarantors shall cease upon change of guarantors but subject to new guarantors being accepted by the Society. The obligation of the guarantors shall also cease when all loans guaranteed have been cleared.
9.7. Committee Members and staff are automatically disqualified from guaranteeing loans of the general membership, in accordance with By-law No. 65 (c).
9.8. The Society shall maintain a record of all guarantors to every loan in each member’s personal file.