6-538

6-538. Credit committee

A. The credit committee has the general supervision of all loans to members, unless
it is replaced by a credit manager as provided in section 6-539. The credit committee
may approve or disapprove loans subject to written policies established by the board of
directors.

B. The credit committee shall meet as often as the business of the credit union
requires but not less frequently than monthly, to review the lending activities of the
credit union and to consider applications for loans. A loan shall not be made unless it
is approved by a majority of the members of the committee who are present at the meeting
at which the application is considered.

C. The credit committee or the credit manager shall keep a record of all actions
taken and shall report on such actions to the board at its next meeting.