22. In addition to the board of management and the board of supervision, and outside the members thereof with the exception of the president of the association if the by-laws permit, the general meeting may appoint a committee of credit composed of at least three members. They shall remain in office during the year immediately following the annual meeting and until their successors are elected. They may be reelected.
The committee of credit shall alone have absolute control of loans to associates, saving the right of appeal to the board of management, and of taking, for the benefit of the association, hypothecary and other security to secure the loans, and to give discharges therefor; and the by-laws of the association shall determine the conditions under which they shall perform their duties. Nevertheless the members of such committee shall, neither directly nor indirectly, borrow from the association, nor become security for any borrower.
The by-laws may provide that one-half or one-third of the committee of credit shall be reelected each year, with one more the first year if the number of the committee is an odd number.
R. S. 1964, c. 294, s. 22.