Section 474. Loan reports to directors

1.  The credit committee shall
  prepare and submit written reports to the  board  of  directors  of  all
  loans  approved  or  disapproved.  If  there is no credit committee, the
  board of directors shall designate, by resolution,  a  loan  officer  or
  officers  whose  duty  it  shall  be  to prepare and submit such written
  reports to the board.
    2. These written reports shall be submitted to the board of  directors
  at  every  regular  monthly  meeting  of the board. Such written reports
  shall include a detailed description of any  collateral  securing  these
  loans.
    3.  The  superintendent  may  promulgate  regulations  relating to the
  provisions of these loan reports.