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 be made unless approved by the loan officer(s). (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.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54 - Cooperative Organizations
Article 14E - Direction of Affairs.
§ 54-109.35 - Election or appointment of officials.
§ 54-109.36 - Record of board and committee members.
§ 54-109.38 - Compensation of officials.
§ 54-109.39 - Conflicts of interest.
§ 54-109.40 - Executive officers.
§ 54-109.41 - Authority of directors.
§ 54-109.42 - Executive committee.
§ 54-109.43 - Meetings of directors.
§ 54-109.44 - Duties of directors.
§ 54-109.45 - Authority of credit committee.
§ 54-109.46 - Meetings of credit committee.