Section 6.2-1373 - Loans to members of credit committee; nonmember loansA. If the borrower or endorser on a loan by a credit union is a member of the credit committee, or a member of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit committee. If the loan is fully secured by shares, such loan may be approved by the credit committee.B. No loan shall be made to an individual or entity that is not a member of the credit union. If the credit committee or loan officer should knowingly approve such a loan, the members of the credit committee shall be jointly and severally liable, or in the case of a loan officer, he shall be individually liable, to the credit union for the immediate repayment thereof.Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, § 6.1-225.54; 2010, c. 794.Amended by Acts 2010, § c. 794.Amended by Acts 1990, § c. 373, § 6.1-225.54.Amended by Acts 1987, § c. 150.Amended by Acts 1979, § c. 139.Amended by Acts 1975, § c. 448.Amended by Acts 1972, § c. 192.Amended by Acts 1968, § c. 560.Amended by Acts 1966, § c. 584, § 6.1-217.Amended by Acts 1956, § c. 90.