Loan Approval

10.1. The Credit Committee shall sit every week to approve loans.
10.2. The loan officer shall ensure that all loans presented before the Credit Committee are duly appraised.
10.3. The Credit Committee shall inquire carefully into the characters and financial conditions of each applicant and of his guarantors, to ascertain his ability to repay fully and promptly the obligations incurred by him and to determine whether the loan shall be of benefit to the borrower.
10.4. The Credit Committee shall ask for such security for loans as it may consider necessary, including the shares and deposits of both the borrower and guarantors. No unsecured loans will be approved by the Committee.
10.5. The Credit Committee may refer a loan to the Management Committee for further discussion and approval.
10.6. All loan forms approved by the Credit Committee shall be signed by the members of the Committee. A list of all loans approved shall be prepared by the Credit Committee after every sitting.