Alabama § 5-17-12 - Powers and Duties of Credit Committee.
Full text of Alabama Code of Alabama § 5-17-12 — Powers and Duties of Credit Committee., with citation guidance and answers to common questions.
§ 5-17-12. Powers and Duties of Credit Committee.
The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 5-17-12
What does Code of Alabama § 5-17-12 cover?
Section 5-17-12 ("Powers and Duties of Credit Committee.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 5-17-12?
A common citation format is "Code of Alabama § 5-17-12" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 5-17-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.