REGULATION NO. 17 - COMPUTER LOAN POLICY

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

  1. 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.
  2. 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.
  3. The Local shall submit to UTE National Finance Committee a current set of Financial Statement.
  4. The Local shall submit the amount of the loan and their proposed repayment schedule.
  5. The UTE National Finance Committee shall state the reasons for the denial, in writing, to the requesting Local.

17.3  Terms and Conditions

  1. UTE shall prescribe the terms and conditions of the loan in a written contract.
  2. The minimum monthly repayment of one hundred dollars ($100.00) shall be deducted by UTE from the Local’s monthly dues cheque.
  3. The maximum length of the loan shall not exceed thirty-six (36) months.
  4. Any loans under twelve (12) months shall be interest free.
  5. 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.
  6. The President and the 1st Vice-President and two (2) persons authorized by the Local shall sign the contract.

 

Adopted December 1997 / Amended March 2000 / Amended March 2002 / Amended  December 2002 /