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of TEACHER’S UNION CO-OPERATIVE THRIFT & CREDIT LTD. Hereby bind myself to pay to the FIJI TEACHER’S UNION CO-OPERATIVE THRIFT & CREDIT LTD. (hereinafter referred to as Credit Union) the sum of
(hereinafter referred to as the principal sum). Which I have received from the Credit Union by Cheque
1. I hereby agree to repay the whole of the principal sum and interest at the rate of
equal installments from the day the deduction begins at source.
2. If any of the installments provided for in paragraph 1 is not paid within seven days from the date on which it becomes payable the Credit Union shall have the right to demand payment forthwith of the outstanding balance of the principal sum and the interest up to the date of payment.
3. If at any time I cease to be a member of the Crest Union the balance of the principal sum remaining outstanding at such date shall automatically become payable and be paid forthwith together with interest up to the date of repayment.
4. I shall have the right to repay the outstanding balance of the debt under this Bond at any time before the expiration of the period stipulated in paragraph 1 hereof in which event interest shall be paid only up to the date of repayment.
5. I undertake to utilize the amount borrowed for the purpose I mentioned in my application to the committee of the Credit Union for the grant of this loan.
6. In the event of the Credit Union taking any legal proceeding against me on this bond I undertake to pay all the costs thereof and connected therewith.
7. Interest Rate Subject to Changes by the A.G.M. of the Credit Union.
TO BE COMPLETED IN PRESENCE OF A WITNESS