Sec. 52. Loans to directors, officers, credit committee, and supervisory committee members.
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/il/chapter-205/act-305/52A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 52. Loans to directors, officers, credit committee, and supervisory committee members. A credit union may make loans to its directors, officers, credit committee members, and supervisory committee members, provided that the loan complies with all lawful requirements under this Act with respect to loans to other borrowers. No loan may be made to or cosigned by any director, officer, credit committee member, or supervisory committee member which would cause the aggregate amount of all loans then outstanding to or cosigned by all directors, officers, credit committee members, or supervisory committee members to exceed 20% of the unimpaired capital and surplus of the credit union.