BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CREDIT UNION ACT
Directors and Officers
383-E:5-510 Loans to Officials.
Members of the board of directors, credit committee, or supervisory committee may borrow from the credit union. Members of the board of directors, credit committee, and supervisory committee may borrow or become surety for loans in excess of their holdings in the credit union provided the loans are approved by a majority of the members of the board of directors; provided, that no member of a credit committee or supervisory committee shall have a vote concerning his or her own loan application, or be entitled to participate in the deliberations regarding said loan. No loan to the official shall receive terms more favorable than those extended to other persons borrowing from said credit union.
Source. 2015, 272:16, eff. Oct. 1, 2015.