I move amendment No. 95:
In page 52, subsection (2), lines 3 to 5, to delete "and an application for credit that has not been approved by a credit officer shall be considered by the credit committee".
Deputies will recall that section 37(1) provides that, where an application for a loan is rejected by the credit committee or by a credit officer, the applicant may appeal to an appellant body comprising the board of directors and the members of the supervisory committee. However, the powers delegated by the board of directors to both the credit committee and the credit officer are separate and distinct. The credit officer, for example, might only be empowered to approve small amounts of credit and larger amounts must be addressed by the credit committee.
Subsection 2 requires the credit officer to report to the credit committee at regular intervals. However, it stipulates that an application for credit which has not been approved by a credit officer shall be considered by the credit committee. Having regard to the fact that decisions by a credit officer under section 37(1) to reject a loan application may be appealed directly to the appellant body, it is considered inappropriate to require here that any loan applications rejected by the credit officer should be considered by the credit committee. Accordingly, this amendment proposes to delete this reference from subsection (2) to avoid confusion over the appeal procedure for loan applications rejected by the credit officer.