Section 17. The credit committee shall hold meetings at least once in each month, act on all applications for loans and approve, in writing, all personal loans granted and the security, if any, pledged therefor, except as hereinafter provided. The credit committee shall submit to the board of directors all applications for loans to be secured by mortgages of real estate, with their recommendations thereon, which shall include a certificate as to their best judgment of the value of the real estate involved.

No personal loans shall be made unless all of the members of the credit committee who are present when the application is considered, which number shall constitute at least two-thirds of the members of said committee, approve such loan. No loan shall be granted unless the members of said committee are satisfied that the loan promises to be of benefit to the borrower.

Notwithstanding the foregoing, the credit committee may appoint 1 or more employees of the credit union, who need not be members of the board of directors or the credit committee, as loan officers and delegate to them the authority to approve applications for loans authorized by this chapter. The delegation of authority shall be in writing, shall be approved by the board of directors, shall define the term and scope of the authority, and shall include standards for approving loans to be secured by mortgages of real estate which are consistent with the written loan policies of the credit union. The delegation of authority shall be subject to annual review and approval by the board of directors. Not more than 1 member of the credit committee may be appointed as a loan officer. Applications for loans to be secured by a mortgage on real estate not approved by a loan officer shall be acted upon by the credit committee. Applications for loans to be secured by a mortgage on real estate approved by a loan officer or the credit committee shall require ratification by the board of directors.