Loan Disbursement

11.1. All loans shall be disbursed by cheque and in the manner laid down in the financial policy manual.
11.2. A remittance advice clearly showing the principal loan and interest payable shall be issued to the member upon disbursement of the loan.
11.3. Loans to employees and committee members:
11.4. Employees of the Society shall be eligible to apply for loans as members of te Society but shall not be eligible to become members of the Management Committee or any other committee in the same Society.
11.5. No member of the committee approving loans shall be present when his/her loan application is being considered.
11.6. Loans to employees and committee members will be approved by the Credit Committee and thereafter the management committee.
11.7. An employee, member or officer of the Society who tampers with his/her monthly share/savings contribution or loan repayment records shall be liable to prosecution under the Co-operative Societies Act.