§412:10-408  Loans to officials.  Loansmay be made to officers, directors and members of the credit and supervisorycommittees of the credit union, provided that:

(1)  The loan complies with all lawful requirementsunder this article with respect to loans to other borrowers and is not on termsmore favorable than those extended to other borrowers;

(2)  The loan shall be approved by the board ofdirectors if the aggregate amount of all loans outstanding to the applicantincluding the loan amount applied for exceeds $10,000.  Loans that are fullysecured by shares and deposits in the credit union need not be approved by theboard of directors and need not be included in determining the aggregate amountof loans outstanding to the applicant.  Acting as a co-borrower, guarantor, orendorser of any loan to other members made by the same credit union shall becounted as a loan in determining the aggregate amount of loans made by thecredit union to any applicant; and

(3)  The loan applicant takes no part in and is notpresent during the consideration of the application. [L 1993, c 350, pt of §1]

 

Revision Note

 

  Subsection (a) designation deleted.