20                               LAWS OF MARYLAND                        [CH. 20

146.

The credit committee shall approve every loan or advance made
by the corporation to members. Every application for a loan shall
be made in writing and shall state the purpose for which the loan
is desired and the security, if any, offered. Every loan must receive
the unanimous approval of those members of the committee present
when the application was considered, which number must be at least
a majority of the committee. A loan shall not be made if any member
of the credit committee disapproves of it. An application for a loan
may have an appeal to the directors if the bylaws so provide and
as by the bylaws provided. The credit committee shall meet as
often as may be necessary after due notice has been given each
member.

The credit committee may appoint one or more loan officers to
act under the supervision of the credit committee and delegate
to him or them the power to approve loans. IN ACCORDANCE
WITH THE WRITTEN INSTRUCTIONS OR POLICIES TO BE
ESTABLISHED AND APPROVED BY THE BOARD OF DIREC-
TORS. The loan officers, when so appointed, may make loans with-
out the necessity for a meeting of or approval by any members of
the credit committee. ; PROVIDED THAT ALL THE REQUIRE-
MENTS FOR THE MAKING OF A LOAN AS SET FORTH IN
THE AFORESAID WRITTEN INSTRUCTIONS OR POLICIES
HAVE BEEN COMPLIED WITH. Every loan officer shall furnish
to the credit committee a record of each loan approved or not
approved by him within seven days of the date of the filing of the
application therefor. All loans not approved by the loan officer shall
be acted upon by the credit committee. No individual may disburse
funds of the credit union for any loan which has been approved by
him in his capacity as loan officer. No more than one member of the
credit committee may be appointed as a loan officer.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved March 22, 1968.

CHAPTER 20
(Senate Bill 109)

AN ACT to repeal and re-enact, with amendments, Section 152, sub-
section (b) of Article 11 of the Annotated Code of Maryland (1957
Edition), title "Banks and Trust Companies," subtitle "Credit
Unions," to allow the board of directors and credit committee of
credit unions to approve loans to the board of directors, credit
committee and supervisory committee.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 152, subsection (b) of Article 11 of the Annotated Code
of Maryland (1957 Edition), title "Banks and Trust Companies,"
subtitle "Credit Unions," be and it is hereby repealed and re-enacted,
with amendments, to read as follows: