§ 23-35-308 - Compensation of officers, directors, committee members, and employees. - Arkansas Statutes

23-35-308. Compensation of officers, directors, committee members, and employees.

(a) No officer, director, or committee member of the credit union, other than the treasurer who the board of directors of the credit union has specifically appointed or contracted to actively work in the credit union, may be compensated, directly or indirectly, for his services as such. This shall not be construed to prevent reimbursement of directors and committee members for actual expenses they may incur in carrying out the duties of their office.

(b) The compensation to be paid to the treasurer and to the employees who are authorized by the board shall be established by the board at their monthly meetings or in the annual budget allocations.