§412:10-116  Loan officers.  (a)  Theboard of directors, and if given such power by the board, the credit committeeor the credit manager, may appoint one or more loan officers, who may beempowered to approve or disapprove loan applications, subject to writtenpolicies established by the board of directors.  Not more than one member ofany credit committee may serve as a loan officer.  Each loan officer shallreport to the credit committee or credit manager any action taken on a loanapplication within seven days after the filing thereof.

(b)  A member whose application was disapprovedby a loan officer may appeal such action to the credit committee, the creditmanager or the board of directors, as provided by the bylaws. [L 1993, c 350,pt of §1]