TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-E CREDIT UNION ACT
ARTICLE 5 Directors and Officers
Section 383-E:5-507
383-E:5-507 Loan Officers. –
When so provided by the bylaws, the board of directors may appoint and may provide for the compensation of loan officers to act under the supervision of the credit committee or, if none, the board of directors, and the loan officers, when so appointed and when authorized by the credit committee, or, if none, the board of directors, may approve or disapprove loans as prescribed in the lending policy, without the necessity for a meeting or approval by any member of the credit committee or, if none, the board of directors. A member whose application was disapproved by a loan officer may appeal the action to the credit committee or, if none, the board of directors, which may, by majority vote, reverse the loan officer's decision.