Alabama § 5-17-12 Powers and Duties of Credit Committee

Alabama Statutes

§ 5-17-12 — Powers and Duties of Credit Committee

Alabama·Title 5 Banks and Financial Institutions·Ch. 17 Credit Unions·Art. 1 General Provisions

The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union.

Free access — add to your briefcase to read the full text and ask questions with AI

The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union.

Alabama § 5-17-12 (Powers and Duties of Credit Committee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §291; Acts 1971, No. 2294, p. 3698; Acts 1977, No. 210, p. 282, §2; Acts 1983, No. 83-772, p. 1407, §1; Act 2016-133, §1.)