Section 10
SEC. 10. Paragraph (b) of Section eighteen of said Act is hereby amended to read as follows: "(b) No association shall directly or indirectly make any loans to any director or officer or employee of such association, either for himself or as agent or as partner of another, except in the case of a nonstock savings and loan association which may grant loans to any director, officer, or employee thereof: Provided, That the written approval of the majority of the directors of the nonstock association, excluding: the director concerned shall be secured: And provided, further, That the aggregate loans, direct or indirect, granted at any one time to such directors and officers shall not exceed twenty per centum of the total paid-up capital of the association. Any such approval shall be entered upon the records of the association and a copy of the written approval shall be transmitted immediately to the official of the Central Bank in charge of savings and loan associations."