law: Co-Operative Societies Act 2008 
  32.
  
  Credit Committee
  1.      For the purposes of
  
  section 57 of the Act and subject to the Act and the by-laws, the Credit
  
  Committee of a credit union shall—
  a.     
  
    recommend
  
  to the Board policies and procedures to be followed by the credit union for
  
  approving and granting loans made by the credit union;
  b.    
  
    monitor,
  
  through reports from the credit union’s auditor and other officers of the
  
  credit union, loan procedures used by the credit union;
  c.     
  
    review
  
  all applications for loans, loan extensions and revisions of the terms of loans
  
  that are referred to it by the Board or an officer of the credit union; and
  d.    
  
    review
  
  reports of officers of the credit union that are submitted to it pursuant to
  
  paragraph (2).
  2.      The Credit Committee
  
  shall keep a record, with respect to each application for a loan or a renewal
  
  or extension of a loan considered by it, of—
  a.     
  
    the
  
  name of the applicant;
  b.    
  
    the
  
  amount of the loan applied for or the change in the terms or conditions applied
  
  for; and
  c.     
  
    whether
  
  the application was approved, declined or deferred.
  1.      
  2.      
  3.      Where, in the opinion
  
  of the Registrar, the policies of the credit union are not sufficient to
  
  protect the deposits of the credit union’s members, the Registrar, in writing,
  
  shall direct the credit union to take such measures to protect those deposits.
  4.      Where—
  a.     
  
    the
  
  Registrar has sent a written directive pursuant to paragraph (3);
  b.    
  
    the
  
  credit union fails to take measures that protect the deposits of the credit
  
  union members, or the measures taken are, in the opinion of the Registrar,
  
  insufficient.;
  c.     
  
    the
  
  Registrar is of the opinion that the credit union has not sufficiently
  
  protected the deposits of its members; the Registrar may direct the credit
  
  union to adopt and follow any policies that the Registrar may impose and the
  
  credit union shall adopt and follow those policies and the Board of Directors
  
  of the credit union shall ensure that the credit union does adopt and follow
  
  those policies.