§ 54-109.48. When credit committee dispensed with. - North Carolina Statutes

§54‑109.48.  When credit committee dispensed with.

The credit committee may bedispensed with, and loan officer(s) empowered to approve or disapprove loansunder conditions prescribed by the board of directors. In the event the creditcommittee 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 bemade 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.)