Ch. 328                             MARVIN MANDEL, Governor                                  733

Approved May 7, 1973.

CHAPTER 328
(House Bill 917)

AN ACT to repeal and re-enact, with amendments, Section 146 of Article 11 of
the Annotated Code of Maryland (1968 Replacement Volume and 1972
Supplement), title "Banks and Trust Companies," subtitle "Credit Unions," to
allow the credit committee to fill vacancies until the next regular meeting of the
board of directors.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 146 of Article 11 of the Annotated Code of
Maryland (1968 Replacement Volume and 1972 Supplement), title "Banks and
Trust Companies," subtitle "Credit Unions," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

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 directors. The loan officers, when so
appointed, may make loans without the necessity for a meeting of or approval by
any members of the credit committee; provided that all the requirements 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. IT SHALL FILL VACANCIES IN THE CREDIT
COMMITTEE UNTIL THE NEXT REGULAR MEETING OF THE BOARD
OF DIRECTORS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 7, 1973.