Credit Union Act, 1997
Appeal against non-approval of loan. |
37.—(1) If an application for a loan which was considered by the credit committee or by a credit officer 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 or credit officer, as the case may be. | |
(2) The appellate body referred to in subsection (1) shall consist of— | ||
(a) the board of directors, excluding, where the application for the loan was considered by the credit committee, any director who is a member of that committee; and | ||
(b) the members of the Supervisory Committee. | ||
(3) For the purposes of the consideration of an appeal under this section, the appellate body shall not be regarded as quorate unless there are present a majority of the directors referred to in subsection (2)(a) and at least one member of the Supervisory Committee. |