Regulation 45
Terms and conditions of loans
of Town Councils Financial Rules
Subsidiary LegislationIn forceProvision 74 of 121
Regulation 45
The terms and conditions for any loan scheme shall include the following:
(a)
the persons eligible to apply;
(b)
the amount of loan an officer is eligible for based on his gross salary subject to a maximum amount;
(c)
the frequency an officer can apply for the same type of loan;
(d)
the maximum repayment period allowed and the minimum instalment repayment amount;
(e)
whether interest is payable and the rate of interest;
(f)
whether sureties are required and, if so, the qualifications of sureties; and
(g)
the loan agreement to be entered into.