§ 474. Loan reports to directors. 1. The credit committee shall
prepare and submit written reports to the board of directors of all
loans approved or disapproved. If there is no credit committee, the
board of directors shall designate, by resolution, a loan officer or
officers whose duty it shall be to prepare and submit such written
reports to the board.

2. These written reports shall be submitted to the board of directors
at every regular monthly meeting of the board. Such written reports
shall include a detailed description of any collateral securing these
loans.

3. The superintendent may promulgate regulations relating to the
provisions of these loan reports.