STATE STATUTES & CODES
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RHODE ISLAND STATUTES AND CODES
§ 27-19.2-8 - Compensation of officers and executives.
SECTION 27-19.2-8
§ 27-19.2-8 Compensation of officers andexecutives. – (a) There shall be a standing compensation committee of the board that shalldevelop proposed guidelines, for approval by the board, for compensation,including salary, bonuses, perquisites, and severance agreements, of allofficers and executives that is reasonable.
(b) On or before December 31, 2004, the board shall file itsproposed guidelines for executive compensation with the health insurancecommissioner.
(c) No corporation organized pursuant to this chapter shallextend or maintain credit, arrange for the extension of credit or renew anextension of credit in the form of a personal loan to or for any director orofficer, nor shall such corporation allow for or arrange any payments orobligations in violation of § 27-66-7.1.