Subject to the limitations set forth in sections 854 and 855, the credit committee
of a credit union may approve a line of credit to a member upon written application
by the member, and advances may be made to that member within the limits of that extension
of credit. A line of credit given pursuant to this section must be reviewed periodically
by a loan officer or the credit committee in accordance with the policy established
under section 854.
1995, c. 512, §3 (AMD)
Repayment of advances made pursuant to a line of credit shall be on such terms as
shall be mutually agreed upon by the member and the credit union.
1979, c. 133, §2 (NEW)
1979, c. 133, §2 (NEW).
1987, c. 405, §31 (AMD).
1995, c. 512, §3 (AMD).
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