§ 6.2-1352 Compensation of officials
A. Compensation of members of the board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000.
B. Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.
C. Directors and committee members, while on official business of the credit union, may be reimbursed for expenses consistent with Internal Revenue Service guidelines.
History
The record of this law’s original creation isn’t available online. It has been modified 11 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 75; in 1966, chapter 584; in 1968, chapter 560; in 1982, chapter 572; in 1983, chapter 158; in 1984, chapter 354; in 1988, chapter 275; in 1990, chapter 373; in 1995, chapter 325; in 2010, chapter 794; in 2020, chapters 262 and 547.
Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.35; 1995, c. 325; 2010, c. 794; 2020, cc. 262, 547.