NORTH CAROLINA GENERAL ASSEMBLY
1961 SESSION

CHAPTER 1187
HOUSE BILL 1062

AN ACT TO AMEND ARTICLE II OF CHAPTER 54 OF THE GENERAL STATUTES, RELATING TO THE POWERS OF CREDIT UNIONS.

The General Assembly of North Carolina do enact:

Section 1.  Amend G.S. 54‑87 by striking out, in lines 3 and 4 of said Section, the following: "but security must be taken for any loan in excess of four hundred dollars ($400.00):", and by inserting in lieu thereof the following: "but a credit union may make unsecured individual loans not in excess of seven hundred fifty dollars ($750.00) when bylaws authorizing such loans shall be first approved by the Superintendent of Credit Unions:".
Sec. 2.  G.S. 54‑103 is hereby rewritten so that the same shall hereafter read as follows:
"Sec. 54‑103.  Duties of credit committee; appointment of loan officers. The credit committee shall meet as often as may be required after due notice has been given to each member. The credit committee shall approve every loan or advance made by the corporation to members, except as hereinafter provided in this Section. Every application for a loan shall be made in writing and shall state the purpose for which the loan is desired and the security offered. No loan shall be made unless it has received the unanimous approval of those members of the committee who were present when it was considered, who shall constitute at least a majority of the committee, but the applicant for a loan may appeal from the decisions of the credit committee to the board of directors. When authorized by bylaws approved by the Superintendent of Credit Unions, the credit committee, with the approval of the board of directors, may appoint one or more loan officers, and delegate to him or them the power to approve loans up to the unsecured limit, or in excess of such limit if such excess is fully secured by unpledged shares in the credit union. Each loan officer shall furnish to the credit committee a record of each loan approved or not approved by him within seven (7) days of the date of filing of the application therefor. All loans not approved by a loan officer shall be acted upon by the credit committee. No individual shall have authority to disburse funds of the credit union for any loan which has been approved by him in his capacity as a loan officer. Not more than one member of the credit committee may be appointed as a loan officer."
Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4.  This Atc shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 22nd day of June, 1961.