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Amendment of section 36 of Principal Act (approval of loans)
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19. Section 36 of the Principal Act is amended—
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(a) in subsection (2)—
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(i) by the substitution of “A loan must be approved” for “Subject to subsections (3) and (5), a loan must be approved”,
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(ii) in paragraph (c), by the substitution of “credit officer; or” for “credit officer.”, and
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(iii) by the insertion of the following paragraph after paragraph (c):
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“(d) in accordance with a loan approval process which has been approved by the board of directors.”,
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and
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(b) by the deletion of subsections (3), (4) and (5).
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