32-3-608. Loans to officials. (1) A credit union may make loans to its directors, employees, loan officers, credit manager, and to members of its supervisory and credit committees, provided that:
     (a) the loan complies with all lawful requirements under this chapter with respect to loans to other borrowers and is not on terms more favorable than those extended to other borrowers; and
     (b) any such loan or aggregate of loans to any one director or committee member which exceeds $2,500 plus pledged shares must be reported to the board of directors. Loans to directors and committee members may not exceed an aggregate of 20% of unimpaired capital of the credit union.
     (2) A credit union may permit directors, employees, loan officers, credit manager, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to other members, except when any such loan standing alone or when added to any outstanding loan or loans to the comaker, guarantor, or endorser exceeds $2,500, approval of the board of directors is required.

     History: En. 14-655 by Sec. 55, Ch. 38, L. 1975; R.C.M. 1947, 14-655.