Credit Union (Amendment) Act 2023

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Amendment of section 37 of Principal Act (appeal against non-approval of loan)

20. Section 37 of the Principal Act is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) If an application for a loan which was considered—

(a) by the credit committee,

(b) by a credit officer, or

(c) in accordance with a loan approval process referred to in section 36(2)(d),

was not approved under section 36, the applicant may appeal to an appellate body which, by a decision of such members of the body present at the meeting at which the appeal is considered as represents at least two-thirds of those present and a majority of the body as a whole, may give approval to the loan, overriding the decision of the credit committee, of the credit officer or that made in accordance with the approval process, as the case may be.”,

and

(b) by the deletion of subsections (2) and (3).