1. The board may appoint a: (a) Credit committee consisting of an odd number of members of the credit union, but not less than three members; or (b) Loan officer. 2. If a credit committee is appointed by the board, it shall hold such meetings as the business of the credit union may require but it shall meet at least once a month to consider applications for loans. A loan may not be made unless it is approved by a majority of the members of the committee who are present at the meeting at which the application is considered. 3. The credit committee may appoint a loan officer from among its members and delegate to him or her the power to approve loans. Only one member of the credit committee may be appointed as loan officer or assistant loan officer. 4. If a loan is not approved by a loan officer, the application for the loan must be reviewed by the credit committee or the board of directors, whomever appointed the loan officer. All the members of the credit committee or the board present at the review must approve the application before the loan may be made. 5. For purposes of internal control, a loan officer may not disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.
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