59-13-117 - Contracts and positions of directors Prohibitions. - Tennessee Statutes

59-13-117. Contracts and positions of directors Prohibitions.

No director, during the term of the director's office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary on regular salary or substantially full-time pay.

[Acts 1984, ch. 864, § 17.]