(1) The board may, upon such terms and conditions as it specifies, authorise the credit committee to approve loans to members.
(2) The credit committee may upon such terms and conditions as the board specifies, authorise the treasurer, manager or other employees of the credit union to approve loans to members.
(3) Any person authorised by the board to approve loans under subsection (1) or (2) shall submit a written monthly report to the credit committee stating the number of loan applications received, the number of loans granted and the security, if any, obtained for such loans.
(4) The responsibilities and duties of any person authorised to approve loans under subsection (1) are concurrent with the responsibilities and duties of the credit committee.