- Where
other loans are approved in accordance with Finance Instruction
52, securities for such loans shall be stored securely.
- The accounts
supervisor shall keep a register for approved loans. The loans
register shall include information on:
- purpose
of loan and amount requested;
- name
of person seeking loan;
- term
of loan and nature of repayment;
- bill
of sale particulars;
- insurance
policies including term of policy;
- other
forms of security provided.
- Once
the relevant details are included in the loans register, the accounts
supervisor shall file all supporting documents in a secure place.
- The Accounting Head shall examine the loans
register at least once each quarter to ensure
that the insurance and other security provided has not expired or become
invalid during the period of the loan.