(1) A credit union shall not make a loan to a member unless it is approved in accordance with this section.
(2) A loan must be approved, according as the rules of the credit union require -
(a) by such number of members of the board of directors voting by secret ballot at a meeting of the board at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the members of the board as a whole; or
(b) by such number of members of the credit committee present at a meeting of that committee at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the committee members as a whole; or
(c) by a credit officer; or
(d) in accordance with a loan approval process which has been approved by the board of directors.
(3)[deleted]
(4)[deleted]
(5)[deleted]
(6) [deleted]