Section 457-101-4 - Review of and Action upon ApplicationA. Applications for Loan Insurance shall be reviewed and approved or denied by the members, unless the members delegate authority for approval or denial to the chief executive officer, which may be done by specific resolution on a loan by loan basis, or by incorporating a level of authority in the Credit Policy approved by the Board, or by a general resolution delegating authority to the chief executive officer to approve or deny loans meeting certain criteria set forth in such resolution.B. In cases where the application will be reviewed and acted upon by the members, the chief executive officer shall prepare and present to the members an analysis of the application, including, without limitation, a description of the proposed project, and any recommendation the chief executive officer may wish to make to the members, along with the reasons for such recommendation. Once Loan insurance is approved by the members, and an insurance agreement is in force with respect to a Loan, the insurance may be modified or extended by the chief executive officer, so long as the chief executive officer determines, in his or her discretion, that the modification or extension is not likely to affect the authority's potential insurance liability in a materially adverse manner, or that such modification or extension is necessary to protect the interests of the authority.C. In cases where the application will be reviewed and acted upon by the chief executive officer, the chief executive officer shall prepare a written analysis of the application, the action to be taken with respect to the application, and the reasons therefore.94- 457 C.M.R. ch. 101, § 4