(a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union.
(b) Each month the board of directors shall review a list of applications for membership acted on during the preceding month.
(c) If an application for membership is denied, the reasons for the denial shall be furnished to the applicant on request.
(d) The board of directors may appoint a membership officer from the members of the credit union or the executive committee of the board of directors to review applications for membership. A treasurer, assistant treasurer, or loan officer may not review applications for membership.