Section 29: Eligibility

(1) The following persons shall be eligible for loan facilities under this Act, that is-
(a) an association of individuals; or
(b) a group of persons,
with a common objective.
(2) Notwithstanding the provisions of subsection (1) of this section, the association of individuals or group shall be required to-
(a) be registered with the Board;
(b) have an operational account with any of the branches of the participating bank nearest to it;
(c) show evidence of the commitment of its own funds and resources to the proposed project to the value of at least ten per centum of the required capital for the project.