§ 54-109.48 – When credit committee dispensed with.
54-109.48. When credit committee dispensed with. The credit committee may be dispensed with, and loan officer(s) empowered to approve or disapprove loans under conditions prescribed by the board of directors. In the event the credit committee is dispensed with, the procedures prescribed in G.S. 54-109.45, 54-109.46 and 54-109.47 do not apply, and no loans shall […]
§ 54-109.49 – Duties of supervisory committee.
54-109.49. Duties of supervisory committee. The supervisory committee shall make or cause to be made an annual audit, in accordance with rules and regulations promulgated by the Administrator of Credit Unions, and shall submit a report of that audit to the board of directors and a summary of the report to the members at the […]
§ 54-109.40 – Executive officers.
54-109.40. Executive officers. (a) At their organization meeting and within 30 days following each annual meeting of the members, the directors shall elect from their own number an executive officer, who may be designated as chairman of the board or president; a vice-chairman of the board or one or more vice-presidents; a treasurer; and a […]
§ 54-109.41 – Authority of directors.
54-109.41. Authority of directors. The board of directors shall have the general direction of the business affairs, funds, and records of the credit union. (1975, c. 538, s. 1.)
§ 54-109.42 – Executive committee.
54-109.42. Executive committee. From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board. (1975, c. 538, s. 1.)
§ 54-109.43 – Meetings of directors.
54-109.43. Meetings of directors. The board of directors and the executive committee shall meet as often as the bylaws prescribe. (1915, c. 115, s. 8; C.S., s. 5232; 1975, c. 538, s. 1.)
§ 54-109.44 – Duties of directors.
54-109.44. Duties of directors. It shall be the duty of the directors to: (1) Act upon applications for membership or to appoint one or more membership officers to approve applications for membership under such conditions as the board prescribes. A record of a membership officer’s approval or denial of membership shall be available to the […]
§ 54-109.45 – Authority of credit committee.
54-109.45. Authority of credit committee. The credit committee shall have the general supervision of all loans to members. (1915, c. 115, s. 11; C.S., s. 5235; 1961, c. 1187, s. 22; 1965, c. 956, s. 1; 1969, c. 69, s. 5; 1973, c. 199, s. 10; 1975, c. 538, s. 1.)
§ 54-109.46 – Meetings of credit committee.
54-109.46. Meetings of credit committee. The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider applications for loans. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at […]
§ 54-109.47 – Loan officers.
54-109.47. Loan officers. (a) The credit committee may appoint one or more loan officers and delegate the power to approve loans, subject to such limitations or conditions as the credit committee prescribes. (b) Loan applications not approved by a loan officer shall be reviewed and acted upon by the credit committee. (1915, c. 115, s. […]