§ 23-35-804 - Compensation of directors or committee members. - Arkansas Statutes

23-35-804. Compensation of directors or committee members.

(a) With the exception of the treasurer of the credit union, whom the board of directors of the credit union has specifically appointed or contracted to actually work in the credit union, no director or member of a credit committee or supervisory committee may receive compensation for performing the duties or responsibilities of the board or committee position to which the person was elected or appointed.

(b) For purposes of this section, the term "compensation" specifically excludes reasonable and proper costs incurred by or on behalf of an official whether on a reimbursement basis or paid directly by the credit union in carrying out the responsibilities of the position.