6-538. Credit committee
141 words·~1 min read·
/az/title-6/6-538A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The credit committee has the general supervision of all loans to members, unless it is replaced by a credit manager as provided in section 6-539. The credit committee may approve or disapprove loans subject to written policies established by the board of directors.
B. The credit committee shall meet as often as the business of the credit union requires but not less frequently than monthly, to review the lending activities of the credit union and to consider applications for loans. A loan shall not be made unless it is approved by a majority of the members of the committee who are present at the meeting at which the application is considered.
C. The credit committee or the credit manager shall keep a record of all actions taken and shall report on such actions to the board at its next meeting.