REVOLVING LOAN COMMITTEE, otherwise referred to as: NORTHWESTERN LOAN ASSOCIATION
This committee exists for the purpose of receiving gifts and donations into the Revolving Loan Fund, processing loan requests, and receiving payments of said loans, and providing legal protection for the Revolving Loan Fund, within the limitations of this constitution.
This committee is an administrative arm of the Northwestern Association, and it shall be governed by this constitution. The business of this committee shall be limited to the churches holding membership in this association, or missions of those churches, or missions sponsored by this association.
This committee shall be made up of five persons, each being a member of a church that holds membership in the Northwestern Association. The Association shall elect the committee as follows:
1. President to serve four years;
2. Vice President to serve four years;
3. Secretary/Treasurer to serve four years;
4. Assistant Secretary/Treasurer to serve four years;
5. Two Trustees; each to serve two years.
Election of the committee shall be according to a schedule, so that one trustee and one officer shall be elected each year on a rotation basis. In the event of loss of two or more committeemen, the committee shall appoint a person to fill the vacancy until the next regular Association meeting.
1. President: shall preside over the meetings, call special meetings, and place his signature on all documents in all matters wherein the approval of the committee is required in writing.
2. Vice President: shall perform the duties of president in the absence of the president.
3. Secretary-Treasurer: Shall keep the minutes of all meetings of the committee; shall record all business transactions; shall be custodian of all funds entrusted to this committee; and shall receive and disburse funds as approved by the committee.
4. Assistant Secretary/Treasurer: shall provide assistance as needed to the Secretary/Treasurer and serve the office in his absence.
5. Trustees: shall provide counsel, act as witnesses, and vote on all issues requiring a decision.
Members of this committee shall serve without compensation except; those expenses incurred while attending a called meeting of the committee (not including the annual meeting of the Northwestern Association), may be presented in itemized form to the Secretary-Treasurer of the committee for reimbursement.
1. ANNUAL: The annual meeting of this committee shall be held on the first day of the regular session of the Northwestern Association.
2. SPECIAL MEETINGS: Special meetings shall be called at such time and place as the president, or in his absence, the Vice President, or a majority of the committee members shall decide.
3. QUORUM: Any four committeemen present shall constitute a quorum at all meetings.
This committee shall have no assets other than the trusteeship of the revolving loan fund.
No income which shall be earned or received by this committee shall be paid out to its members (except as stated under "Compensation", Article 2, Section 3), but shall be accumulated and held by this committee for the purpose set forth in this constitution.
Applications for loans should be directed to the Secretary-Treasurer of this committee.
Applications must be approved by a minimum of four members of this committee.
(A) Purposes for which loans may be approved are:
1. purchase of property;
2. Erecting new buildings
3. repairing existing buildings;
4. up-grading furnishings and equipment;
5. other, as the committee may approve.
(B) Purposes for which a loan may not be approved:
1. payment of salaries;
2. payment of utility bills or miscellaneous expenses;
3. purchase of literature.
4. no funds shall be available for use on any building or property that is not used directly in worship.
5. No loan shall be granted to a mission without the approval of Its sponsoring church.
All applications for a loan from the revolving loan fund must be made on the form provided for this purpose. Forms may be obtained from the Secretary-Treasurer of this committee.
In event of delinquency or default, this committee shall have authority to take the steps agreed on in the loan contract, to insure the collection of the loan.
In the event that the project for which money is loaned is not visibly underway within six months of receipt of money, the money shall be returned to the revolving loan fund and a new application approved before loan is re-issued.
Revolving Loan Committee may approve an extension.
Amendments
to this constitution must be submitted in writing to the messenger body
of the Northwestern Association on the first day of the regular session
and be allowed to lie over until the next day to be voted on.
Two-thirds majority of the seated messengers shall be necessary for
approval.