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52.10 CREDIT COMMITTEE; CREDIT MANAGER; POWERS.
    Subdivision 1. Authority of credit committee. The credit committee shall have the general
supervision of all loans to members as provided herein. Applications for loans shall be on a form
prepared by the credit committee, shall set forth the purpose for which the loan is desired, the
security, if any, offered and such other data as may be required. Within the meaning of this section,
an assignment of shares or deposits or the endorsement of a note may be deemed security. Except
where the credit committee approves the extension of a self-replenishing line of credit pursuant
to section 52.16, subdivision 2, at least a majority of the members of the credit committee shall
pass on all loans and approval must be in writing and by unanimous vote of the members present.
The credit committee shall meet as often as may be necessary after due notice to each member
of the committee. In the case of any credit union having total assets in excess of $10,000, the
board of directors may authorize the credit committee to appoint one or more loan officers. Loan
officers, subject to the supervision of the committee, may be delegated authority by the credit
committee to act on all or some applications for loans and to approve them, reporting thereon
to the credit committee at their next meeting or within 15 days. The credit committee and the
board of directors, meeting jointly and acting collectively as a whole, shall have the general
supervision of all loans to a member who is a director, officer, or a member of the credit or
supervisory committee whenever the application exceeds the amount of the member's holdings in
shares and deposits. Application for these loans shall be in similar form as may be required to be
furnished to the credit committee for a loan in the case of any other member. At least a majority of
the members of the credit committee and of the board of directors at a joint meeting and acting
collectively as a whole, shall pass on all such loans in the absence of the applicant, and the
approval of the loan must be in writing and by unanimous vote of all members present. The credit
committee and the board of directors shall meet for this purpose as often as may be necessary
after due notice to each member of the board and credit committee.
    Subd. 2. Authority of credit manager. If a credit manager is appointed, the board shall have
the powers and responsibilities described in subdivision 1 for a credit committee. The board may
delegate in writing any or all of these powers and responsibilities to a credit manager.
History: (7774-10) 1925 c 206 s 10; 1943 c 647 s 2; 1945 c 540 s 4; 1955 c 453 s 3; 1967 c
301 s 4; 1978 c 663 s 1; 1982 c 429 s 5

Official Publication of the State of Minnesota
Revisor of Statutes