17-5504.   Appraisal and approval of real estate securing a loan.Real estate securing a proposed loan must be appraised and directors ora committee appointed by directors must approve all real-estate loans. Noreal-estate loans shall be made until a qualified person selected by theboard of directors shall have submitted a signed appraisal of the realestate securing such loan, and until approved by the board of directors ora committee thereunto authorized by the board of directors.

      History:   L. 1943, ch. 133, § 82; July 1.