A. Hold meetings at least once in each month;

B. Act on all applications for loans to members;

C. Approve in writing all personal loans granted and the security, if any, pledged therefor for personal loans; and

D. Submit to the board of directors all applications for loans to be secured by mortgages of real estate, with its recommendations thereon on the applications, which shall must include a signed appraisal as to its best judgment of the value of the real estate involved.

Sec. 35. 9-B MRSA §846, sub-§1, as amended by PL 1983, c. 51, §6, is further amended to read:

1. Time and notice. The annual meeting of the members of a credit union shall must be held at such time and place as the board of directors may determine, but not later than 180 days after the close of the fiscal year. Special meetings may be called at any time by a majority of the directors, and shall must be called by the clerk upon written application of 10 or more members entitled to vote request of 25 members or 5% of the total members entitled to vote as of the date of request, whichever number is greater. Notwithstanding this section, the maximum number of members required to call a special meeting may not exceed 500. Notice of all meetings of the members shall must be given in the manner prescribed in the bylaws.

Sec. 36. 9-B MRSA §851, as amended by PL 1997, c. 398, Pt. L, §9, is further amended to read:

§851. Loans in general

1. Authorization. A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.

2. Applicability of other sections. In addition, a credit union is subject to section sections 432 relating to interest absent in writing, 433, 435 and 436.

3. Approvals required. The credit committee provided for in section 845 shall approve all loans to members made by the credit