(1) An application for a loan must be made on a form provided by the society and must state—
(a) the purpose for which the loan is required;
(b) the security, if any, offered; and
(c) any other information the credit committee or loans officer requires.
(2) When a loan application is approved, the credit committee or loans officer approving the loan shall approve the application in writing and ensure that the application and approval specify with respect to the loan—
(a) the amount approved;
(b) the terms of payment;
(c) the rate of interest;
(d) any security to be held by the credit union;
(e) any guarantees to be taken;
(f) any conditions that may be specified by the credit committee or the person approving the loan in addition to those mentioned in paragraphs (a) to (e); and
(g) the date of the approval.
(3) A loan granted by a credit union shall be evidenced by a signed loan agreement between the credit union and the applicant.
(4) A member of a credit committee or of the board or supervisory committee or any other person who has been authorised to approve loans shall not be present at the discussion of the approval of or approve a loan to himself or herself or any person with whom he or she has a fiduciary relationship.