(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]