§ 6.1-225.37. (Repealed effective October 1, 2010) Credit committee or loanofficers; appeal.
A. The credit committee of a credit union shall approve every loan or advancemade by the credit union to members, unless it is replaced by a loan officer,as provided in subsection D of § 6.1-225.31.
B. If the credit committee has not been replaced by action of the board ofdirectors, it may appoint and delegate to loan officers the authority toapprove or disapprove loan applications, subject to the written policiesprescribed by the board of directors. The approval of an application by thecredit committee shall be by a majority of the committee who are present atthe meeting at which it is considered, provided a majority of the fullcommittee is present.
C. All applications disapproved by a loan officer may, upon request of theapplicant, be reviewed by the credit committee. The approval of a majorityof the credit committee who are present at the meeting when such review isundertaken shall be required to reverse the loan officer's decision. Amajority of the full committee shall be present at such review. Noindividual shall have the authority to disburse funds of the credit union forany loan for which the application has been approved by him in his capacityas a loan officer. A member whose application was disapproved by a loanofficer or the credit committee may appeal such action to the board ofdirectors.
D. The credit committee shall meet as often as the business of the creditunion may require to consider applications for loans or to review the work ofthe loan officers, as the case may be. Reasonable notice of each suchmeeting shall be given to each member of the committee.
(Code 1950, § 6-221; 1964, c. 75; 1966, c. 584, § 6.1-212; 1974, c. 143;1983, c. 302; 1990, c. 373.)
§ 6.1-225.37. (Repealed effective October 1, 2010) Credit committee or loanofficers; appeal.
A. The credit committee of a credit union shall approve every loan or advancemade by the credit union to members, unless it is replaced by a loan officer,as provided in subsection D of § 6.1-225.31.
B. If the credit committee has not been replaced by action of the board ofdirectors, it may appoint and delegate to loan officers the authority toapprove or disapprove loan applications, subject to the written policiesprescribed by the board of directors. The approval of an application by thecredit committee shall be by a majority of the committee who are present atthe meeting at which it is considered, provided a majority of the fullcommittee is present.
C. All applications disapproved by a loan officer may, upon request of theapplicant, be reviewed by the credit committee. The approval of a majorityof the credit committee who are present at the meeting when such review isundertaken shall be required to reverse the loan officer's decision. Amajority of the full committee shall be present at such review. Noindividual shall have the authority to disburse funds of the credit union forany loan for which the application has been approved by him in his capacityas a loan officer. A member whose application was disapproved by a loanofficer or the credit committee may appeal such action to the board ofdirectors.
D. The credit committee shall meet as often as the business of the creditunion may require to consider applications for loans or to review the work ofthe loan officers, as the case may be. Reasonable notice of each suchmeeting shall be given to each member of the committee.
(Code 1950, § 6-221; 1964, c. 75; 1966, c. 584, § 6.1-212; 1974, c. 143;1983, c. 302; 1990, c. 373.)
§ 6.1-225.37. (Repealed effective October 1, 2010) Credit committee or loanofficers; appeal.
A. The credit committee of a credit union shall approve every loan or advancemade by the credit union to members, unless it is replaced by a loan officer,as provided in subsection D of § 6.1-225.31.
B. If the credit committee has not been replaced by action of the board ofdirectors, it may appoint and delegate to loan officers the authority toapprove or disapprove loan applications, subject to the written policiesprescribed by the board of directors. The approval of an application by thecredit committee shall be by a majority of the committee who are present atthe meeting at which it is considered, provided a majority of the fullcommittee is present.
C. All applications disapproved by a loan officer may, upon request of theapplicant, be reviewed by the credit committee. The approval of a majorityof the credit committee who are present at the meeting when such review isundertaken shall be required to reverse the loan officer's decision. Amajority of the full committee shall be present at such review. Noindividual shall have the authority to disburse funds of the credit union forany loan for which the application has been approved by him in his capacityas a loan officer. A member whose application was disapproved by a loanofficer or the credit committee may appeal such action to the board ofdirectors.
D. The credit committee shall meet as often as the business of the creditunion may require to consider applications for loans or to review the work ofthe loan officers, as the case may be. Reasonable notice of each suchmeeting shall be given to each member of the committee.
(Code 1950, § 6-221; 1964, c. 75; 1966, c. 584, § 6.1-212; 1974, c. 143;1983, c. 302; 1990, c. 373.)
