Sec. 26. 9-B MRSA §835, as enacted by PL 1975, c. 500, §1, is repealed.

Sec. 27. 9-B MRSA §836, sub-§2, as corrected by RR 1997, c. 2, §37, is repealed.

Sec. 28. 9-B MRSA §836, sub-§3, as enacted by PL 1975, c. 500, §1, is repealed.

Sec. 29. 9-B MRSA §842, sub-§2, ¶B, as enacted by PL 1975, c. 500, §1, is amended to read:

B. To fix from time to time the maximum amount, both secured and unsecured, which may be loaned to any one member, except as limited by chapter 85, and to establish a written loan policy pursuant to section 851, which must be reviewed and ratified at least annually;

Sec. 30. 9-B MRSA §842, sub-§2, ¶H, as enacted by PL 1975, c. 500, §1, is amended to read:

H. To have charge of the investment of funds and to establish a written investment policy pursuant to section 861, which must be reviewed and ratified at least annually;

Sec. 31. 9-B MRSA §842, sub-§2, ¶J, as enacted by PL 1975, c. 500, §1, is amended to read:

J. To appoint a supervisory committee of not less than 3 members, not more than one member of which may be a director;.__If the duties of the supervisory committee are conducted by an independent public accountant and the board has contracted for an annual audit by an independent public accountant pursuant to section 844, a supervisory committee need not be appointed;

Sec. 32. 9-B MRSA §842, sub-§5, as enacted by PL 1975, c. 500, §1, is repealed.

Sec. 33. 9-B MRSA §844, as amended by PL 2001, c. 211, §19, is further amended to read:

§844. Supervisory committee or independent public accountant

1. Duties of supervisory committee. The If a supervisory committee, is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all