7. Approval of financial accommodation by delegate
(1) Subject to section 31 of the Act the board of a society may, under subsection (3) of that section, delegate any or all of its powers under subsection (1) of that section and in respect of matters ancillary thereto to ¾
(a) a director of the society;
(b) a committee appointed by the board of the society;
(c) a person employed or appointed by the board of the society;
(d) a committee elected by the members of the society for the purpose of exercising such of those powers as may be so delegated.
(2) The exercise of any power delegated under section 31(3) of the Act to a committee shall be subject to and in accordance with the following conditions ¾
(a) any application received by the committee shall be considered at a properly constituted meeting of the committee at which a quorum is present and, for the purpose of this paragraph, a quorum shall be one-half or such higher proportion of the members of the committee as the instrument of delegation may specify;
(b) the committee shall furnish monthly to the board a report, in such form as the board may require, on the committee's decisions in respect of applications received by it.
(3) The exercise of any power delegated under section 31(3) of the Act to an individual shall be subject to and in accordance with the following conditions ¾
(a) an application shall, within 7 days of the receipt of the application by the delegate, be either ¾
(i) approved by him; or
(ii) refused by him and the refusal reported by him to the board or, if the rules so provide, to a committee of the board;
(b) the delegate shall furnish monthly to the board, or if the rules so provide, to a committee of the board a report, in such form as the board or committee may require, on the applications received and approved by him;
(c) no delegate shall have authority individually to disburse funds of the society in payment of a loan approved by him.
[Regulation 7 inserted in Gazette 31 Dec 1987 p. 4580; amended in Gazette 21 Dec 2001 p. 6544.]