law: Co-Operative Societies Act 2008 
  58.
  
  Approval of loans
  1.      The Credit Committee
  
  may approve loans upon such terms and conditions as specified by the Board.
  2.      The Credit Committee
  
  may, upon such terms and conditions as the Board specifies, authorize the
  
  treasurer, manager other employees of the credit union to approve loans to
  
  members.
  3.      Any person authorised
  
  by the Board to approve loans under subsection (1) or (2) shall submit a
  
  written monthly report to the Credit Committee stating the number of loan
  
  applications received, the number of loans granted and the security, if any,
  
  obtained for such loans.
  4.      The responsibilities
  
  and duties of any person authorised to approve loans under subsection (1) are
  
  concurrent with the responsibilities and duties of the Credit Committee.