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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 45. Alaska Credit Union Act
- Section 140. Powers and Duties of Credit Committee.
previous: Section 130
. Applications For Membership.
next: Section 150
. Loan Restriction.
AS 06.45.140. Powers and Duties of Credit Committee.
- (a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the
credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to
members of the credit committee.
- (b) Except for the loans or lines of credit required to be approved by the board of directors under AS 06.45.060
(5), a majority of the entire credit committee may approve an application.
- (c) The credit committee may delegate to a loan officer the power to approve loans and lines of credit. A loan officer
shall furnish to the credit committee a record of each approved or unapproved application within seven days of the
filing of the application.
- (d) An application not approved by a loan officer shall be acted on by the credit committee.
- (e) An individual may not disburse funds of a credit union for a loan, line of credit, or application that the individual
approved in the capacity of loan officer.
- (f) Applications for loans and lines of credit shall be made on forms prepared by the credit committee.
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