Section 394-B:46 Loans to Officials. - New Hampshire Statutes

Members of the board of directors, credit committee, or supervisory committee may borrow from the credit union. Members of the board of directors, credit committee, and supervisory committee may borrow or become surety for loans in excess of their holdings in such credit union provided such loans are approved by a majority of the members of the board of directors and ratified by a majority of the members of the supervisory committee; provided, that no member of a credit committee or supervisory committee shall have a vote concerning his or her own loan application, or be entitled to participate in the deliberations regarding said loan. No loan to any such official shall receive terms more favorable than those extended to other persons borrowing from said credit union.

Source. 1983, 195:1. 2003, 164:6, eff. Aug. 16, 2003.