Page:United States Statutes at Large Volume 96 Part 2.djvu/171

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1533

"(10) if the bylaws so provide, appoint one or more loan officers and delegate to these officers the power to approve or disapprove loans, lines of credit, or advances from lines of credit; "(11) establish the par value of the share; "(12) subject to the limitations of this title and the bylaws of the credit union, provide for the hiring and compensation of officers and employees; "(13) if the bylaws so provide, appoint an executive committee of not less than three directors to act on its behalf and any other committees to which it can delegate specific functions; "(14) prescribe conditions and limitations for any committee which it appoints; "(15) review at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meetings together with such other related information as it or the bylaws require; "(16) provide for the furnishing of the written reasons for any denial of a membership application to the applicant upon the written request of the applicant; "(17) in the absence of a credit committee, and upon the written request of a member, review a loan application denied by a loan officer; "(18) declare the dividend rate to be paid on shares, share certificates, and share draft accounts pursuant to the terms and conditions of section 117; "(19) establish and maintain a system of internal controls consistent with the regulations of the Board; "(20) establish lending policies; and "(21) do all other things that are necessary and proper to carry out all the purposes and powers of the Federal credit union, subject to regulations issued by the Board.".

Post, p. 1534.

OPTIONAL CREDIT COMMITTEE

SEC. 523. Section 114 of the Federal Credit Union Act (12 U.S.C. 1761c) is amended to read as follows: " C R E D I T COMMITTEE

"SEC. 114. (a) If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint or the members may elect a credit committee which shall consist of an odd number of members of the credit union, but which shall not include more than one loan officer. The method used shall be set forth in the bylaws. The credit committee shall hold such meetings as the business of the Federal credit union may require, not less frequently than once a month, to consider applications for loans or lines of credit. Reasonable notice of such meetings shall be given to all members of the committee. Except for those loans or lines of credit required to be approved by the board of directors in section 107(5) of this Act, approval of an application shall be by majority of the committee who are present at the meeting at which it is considered provided that a majority of the full committee is present. The credit committee may appoint and delegate to loan officers the authority to approve applications.

^^*e, pp. 1528, ^^^^•

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