84M. (1) The Board may—

(a)          accept or reject any application for a loan;

(b)         grant a loan to an applicant and in so granting may impose conditions, demand security and require repayment in instalments at such times and within such periods as the Board deems fit;

Provided that, and subject to the provisions of this section, the Board may upon the request by an applicant to whom a loan has been granted at any time vary—

(i)                  the conditions upon which the loan was made;

(i)                  any security given in relation to the loan; or

(ii)                any of the terms of repayment of the loan.

(2)   Where the Board has resolved to grant a loan, the Board shall notify the applicant in writing and require him within a specified period not exceeding six months to comply with any conditions and provide any security which the Board may have imposed or demanded.

(3)   Where an applicant fails to comply with a requirement of the Board notified to him under sub-section (2) within the prescribed period, the application shall be deemed to have lapsed.