Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title XXII — CORPORATIONS · Chapter 171

Section 17: Credit committee; powers and duties

336 words·~2 min read·/ma/part-i/title-xxii/chapter-171/17·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 17. The credit committee, if any, shall hold meetings not less than once in each month, act on all applications for loans and approve, in writing, all personal loans granted and the security, if any, pledged therefor, except as provided in this section. The credit committee shall submit to the board of directors all applications for loans to be secured by mortgages of real estate with its recommendations thereon. The credit committee may reasonably delegate its duties to employees in accordance with written loan policies that establish appropriate limits and standards and that are consistent with safe and sound banking practices.
No personal loans shall be made unless all of the members of the credit committee who are present when the application is considered, which number shall constitute at least two-thirds of the members of said committee, approve such loan. No loan shall be granted unless the members of said committee are satisfied that the loan promises to be of benefit to the borrower.
Notwithstanding the foregoing, the credit committee may appoint 1 or more employees of the credit union, who need not be members of the board of directors or the credit committee, as loan officers and delegate to them the authority to approve applications for loans authorized by this chapter. The delegation of authority shall be in writing, shall be approved by the board of directors, shall define the term and scope of the authority, and shall include standards for approving loans to be secured by mortgages of real estate which are consistent with the written loan policies of the credit union.
Not more than 1 member of the credit committee may be appointed as a loan officer. Applications for loans to be secured by a mortgage on real estate not approved by a loan officer shall be acted upon by the credit committee. Applications for loans to be secured by a mortgage on real estate approved by a loan officer or the credit committee shall require ratification by the board of directors.
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.