                                 CODE OF VIRGINIA

COMPENSATION OF OFFICIALS (§ 6.2-1352)

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: 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.