2005 Vermont Code - § 2062. — Credit committee

§ 2062. Credit committee

(a) The credit committee shall approve and have the general supervision of all loans to members except as otherwise specified herein. It shall be the duty of the credit committee to review all applications for loans, to ascertain whether or not the loan would benefit the applicant, and to determine whether or not the security offered, in their judgment, is sufficient and the terms proper. This committee must sit with the supervisory committee when acting upon an application from a director. The credit committee shall meet as often as may be required after due notice has been given to each member thereof but not less than once a month, shall keep a record of all meetings, and shall make a report to the members at the annual meetings. A loan shall not be made unless it has received the approval of a majority of those members of the committee who were present when it was considered. The committee may not act on a loan unless a majority of the members of the committee are present.

(b) The credit committee may appoint one or more loan officers to act under the supervision of the credit committee and the loan officers, when so appointed, may make loans without necessity for a meeting of or approval by any members of the credit committee, as provided in the bylaws. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968.)