WILLIAM DONALD SCHAEFER, Governor Ch. 635

(d)  (1) Each member of the credit committee shall be
appointed from among the members of the credit union.

(2)  Not more than one member of the credit committee
may be a director.

(3)  The treasurer of the credit union may not be a
member of the credit committee.

(e)  A member of the credit committee serves for 1 year and
until a successor is appointed and qualifies.

(f)  The credit committee shall fill any vacancy on the
committee by appointing an individual to serve until the next
regular meeting of the board of directors.

6-503.

(a)  (1) Except as provided in subsection (b) of this
section, AND IN § 6-214(10) AND (11) OF THIS TITLE, a loan may
not be made to any member of a credit union unless it is approved
unanimously by those members of the credit committee who are
present at a meeting that is attended by a majority of the
members of the credit committee.

(2) If the bylaws of the credit union so provide, an
applicant for a loan that is not approved by the credit committee
may appeal to the board of directors.

(b)  (1) The credit committee may appoint and supervise loan
officers and delegate to them the power to approve or disapprove
loans in accordance with written instructions or policies adopted
by the board of directors.

(2)  Not more than one loan officer may be a member of
the credit committee.

(3)  A loan made by a loan officer in accordance with
the written instructions or policies of the board of directors
does not have to be approved by the credit committee.

(4)  Each loan officer shall give the credit committee
the record of each loan that the officer approves or disapproves
within 7 days after a loan application is made. The credit
committee shall act on each loan application where the decision
of the loan officer has been appealed by the credit union member.

(5)  A loan officer may not disburse credit union
funds for any loan that the loan officer approved.

(c)  The credit committee shall meet as often as necessary,
on reasonable notice to its members.

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