§412:10-114  Credit committee.  (a)  Ifthe bylaws provide for a credit committee, the board of directors may appointor the members may elect a credit committee.  The credit committee shallconsist of an odd number of members of the credit union, not less than three,but which shall not include more than one loan officer.  The bylaws shallspecify the number, qualifications, terms and other conditions of service ofthe credit committee.  The board of directors shall fill any vacancies in thecredit committee until successors are appointed or elected at the next annualelection.

(b)  The credit committee shall have generalsupervision of all loans to members, unless that function is delegated to acredit manager.  It may approve or disapprove loan applications, subject towritten policies established by the board of directors.

(c)  The credit committee shall meet as oftenas the credit union's business requires to consider applications for loans orto review the work of the loan officers.  A majority of committee members shallconstitute a quorum, and except for those loans or lines of credit required tobe approved by the board of directors, the vote of a majority present at anyduly constituted meeting shall constitute the decision of the committee. [L 1993,c 350, pt of §1]