Section 473. Loan officers, credit committee; duties

Whenever the term
  "credit  committee"  is  used  in  this  article,  it  shall  solely  be
  applicable  to  those  credit  unions  whose  bylaws  provide  for  such
  committee. The credit committee of every  credit  union  shall  meet  as
  often  as necessary, after due notice has been given to each member, for
  the purpose of passing upon applications of members for loans.  No  loan
  shall  be made unless approved by a loan officer or by a majority of the
  members of the credit committee; except the credit committee or  a  loan
  officer  may  approve  in  advance  upon  application  by  a  member, an
  extension of credit, and loans may be granted to such members within the
  limits of such extension of credit. The  loan  officers  or  the  credit
  committee   shall   be  responsible  for  reviewing  and  affirming  all
  extensions of credit and any extension of credit  shall  expire  if  the
  member  becomes  more  than ninety days delinquent in his obligations to
  the credit union.  If the credit union has shares  in  excess  of  fifty
  thousand  dollars,  the  credit  committee  may appoint one or more loan
  officers and delegate to him, her or them the  power  to  approve  loans
  within  the  limits  fixed  by  the  board of directors.   If the credit
  committee appoints one or more loan officers, not  more  than  one  loan
  officer  shall be a member of the credit committee and each loan officer
  shall report to the credit committee a record of each loan  approved  or
  disapproved  by  him,  her or them within seven days after filing of the
  loan application. All applications not approved by a loan officer  shall
  be acted upon by the credit committee.  If there is no credit committee,
  a  member  shall  have the right, upon written request, of review by the
  board of directors of a loan application which has been denied.
    In no case shall a loan officer or a member of  the  credit  committee
  serve  as  a  member  of  the supervisory committee.   No officer who is
  authorized to sign checks shall act as a loan  officer.    If  a  credit
  union  has  less than five hundred thousand dollars in assets, its board
  of directors may act as its credit committee.  The credit  committee  of
  every  credit  union  shall  keep  full  and complete minutes of all the
  business transacted at each of its meetings. Such minutes shall  include
  the names of those present at such meetings.