(205 ILCS 305/32)
(from Ch. 17, par. 4433)
Meetings of credit committee.
If a credit committee has been
appointed by the board, the provisions of this Section shall apply. The credit committee
as often as the operations of the credit union require and not less frequently
than once a month to consider applications for loans and lines of credit.
Unless a greater percentage is required in the credit union's bylaws, a
majority of the
credit committee shall constitute a quorum. No loan shall be made unless
it is approved, in writing, by a majority of the committee who are present
at a meeting at which a quorum is present and at which the application is
considered. The credit committee shall report to the directors at each board
meeting on all meetings held and actions taken since the last board
(Source: P.A. 97-133, eff. 1-1-12.)