17.1 Policy
UTE shall loan to any Local part or all of the funds required purchasing a computer and printer subject to the procedures outlined in this Regulation.
17.2 Procedure
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All requests for a loan shall be subject to the approval of the UTE National Finance Committee who shall take into consideration the Local’s ability to repay.
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The Local shall submit to the UTE National Finance Committee a copy of the minutes authorizing the loan as discussed and passed by the membership at the Annual General Meeting or Special Meeting.
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The Local shall submit to UTE National Finance Committee a current set of Financial Statement.
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The Local shall submit the amount of the loan and their proposed repayment schedule.
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The UTE National Finance Committee shall state the reasons for the denial, in writing, to the requesting Local.
17.3 Terms and Conditions
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UTE shall prescribe the terms and conditions of the loan in a written contract.
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The minimum monthly repayment of one hundred dollars ($100.00) shall be deducted by UTE from the Local’s monthly dues cheque.
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The maximum length of the loan shall not exceed thirty-six (36) months.
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Any loans under twelve (12) months shall be interest free.
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All loans over twelve (12) months shall carry the interest calculated at the current rate of a Guaranty Investment Certificate (GIC) for the entire period of the loan.
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The President and the 1st Vice-President and two (2) persons authorized by the Local shall sign the contract.
Adopted December 1997 | Amended December 2002 |
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Amended March 2000 |
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Amended March 2002 |