(1) Subject to sections 115(3), 115(4) and 115(5) of the Act, an officer, director, credit committee member, supervisory committee member, or employee of a society shall not borrow from the society an amount in excess of his or her holdings therein in shares, deposits and accumulated earnings unless—
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(a) adequate security is provided for the amount of the loan in excess of the value of the shares, deposits, accumulated dividends and interest; and
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(b) the loan is approved by the vote of 2/3 of the other members of the board, credit committee and supervisory committee sitting together.