BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CREDIT UNION ACT
(a) No member of the board of directors or of either the credit or supervisory committee shall receive any compensation for his or her services as a member of the board or the committee; provided, however, that if at any time any credit union organized under the provisions of this chapter shall have enlarged its business to such extent that this section may create an impediment to its proper functioning, the commissioner, upon petition of the board of directors, may permit the board of directors to pay the credit committee such compensation as he or she shall consider proper. The reimbursement of reasonable expenses in the execution of the duties of the position shall not be considered compensation.
(b) The officers elected by the board of directors may receive such compensation as the board shall authorize.
Source. 2015, 272:16, eff. Oct. 1, 2015.