law: Co-Operative Societies Act 2008 
  22.
  
  Loan approval
  1.      An application for a
  
  loan must be made on a form provided by the society and must state-
  a.     
  
    the
  
  purpose for which the loan is required;
  b.    
  
    the
  
  security, if any, offered; and
  c.     
  
    any
  
  other information the Credit Committee or Loans Officer requires.
  1.      
  2.      When a loan
  
  application is approved, the Credit Committee or loans officer approving the
  
  loan shall do so in writing and ensure that the application and approval
  
  specify with respect to the loan-
  a.     
  
    the
  
  amount approved;
  b.    
  
    the
  
  terms of payment;
  c.     
  
    the
  
  rate of interest;
  d.    
  
    any
  
  security to be held by the credit union;
  e.     
  
    any
  
  guarantees to be taken;
  f.     
  
    any
  
  other conditions specified by the Credit Committee or the person approving the
  
  loan in addition to those mentioned in sub-paragraph (a) to (c) ;
  
  and (g) the date of approval of the loan.
  1.      
  2.      
  3.      Loan granted by a
  
  credit union shall be evidenced by a signed loan agreement between the credit
  
  union and the applicant.
  4.      No member of the
  
  Credit Committee or of the Board or Supervisory Committee or any other person
  
  who has been authorised to approve loans shall be present at the discussion of
  
  the approval of or approve a loan to himself or any persons with whom such
  
  person is related or has a fiduciary relationship.