P.R. Laws tit. 7, § 1365n
The credit committee of every cooperative shall have, in addition to any others provided in this chapter or its regulations, the functions and responsibilities indicated below:
(a) Consider, approve, or deny loans for amounts in excess of those that the credit officials are authorized to grant, but up to the limits fixed by the lending policy established by the Board. The loan applications of the members of the directing bodies, the supervision committee, and the executive officials, in excess of their shares and deposits, shall be considered at a meeting in which a member of the supervision committee is present, and who shall participate with voice and vote in said meeting.
(b) Evaluate and submit for the consideration and final decision of the Board those loan applications in amounts in excess of the maximum limits that the Committee is authorized to grant.
(c) Review and analyze the reports of the credit officials on the loans that they grant or deny and render a report thereof to the Board.
(d) Render a monthly report to the Board on the loans that the Committee grants or denies.
The credit committee shall meet as many times as needed for the performance of its duties, upon prior agreement thereof, or a call to meeting by its Chairman or the Acting Chairman or the Executive President.
History —Oct. 28, 2002, No. 255, § 5.15.