45-4-205 - Compensation of board and committees. - Tennessee Statutes

45-4-205. Compensation of board and committees.

(a)  No member of the board of directors or of the credit or supervisory committee shall receive any compensation for services as a member of the board or committee.

(b)  Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the earnings lost.

[Acts 1923, ch. 68, § 12; Shan. Supp., § 2198a19; Code 1932, § 3846; T.C.A. (orig. ed.), § 45-1814; Acts 1985, ch. 17, § 4.]