8
CurrentDeciding application
Schedule 16Schemes approved under Act, section 11(4)
8 Deciding application
(1)
The authority must consider the application for the loan under the scheme and decide to approve, or refuse to approve, the application.
(2)
The authority may approve the loan for an amount that is less than the amount applied for.
(3)
The authority may approve the payment of the loan to ICSM by instalments of amounts, and at intervals, decided by the authority.
(4)
If the authority decides to refuse to approve the application or to approve the loan for an amount that is less than the amount applied for, the authority must give ICSM written notice of the decision and the reasons for the decision.
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