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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
221
:
ORGANIZATION AND MANAGEMENT OF CREDIT UNION
Subchapter
003
:
GOVERNING BODY, OFFICERS, AND COMMITTEES
§
31314. Compensation; insurance; expenses
(a) No officer
of the governing body, no director, nor any committee member, other than the
treasurer, may be compensated for services as such. However, providing
reasonable health, accident, and similar insurance protection shall not be
considered compensation.
(b) A credit
union may, with the approval of a majority of the governing body, provide
personal liability or indemnity insurance coverage for its directors and other
committee members.
(c) Directors, officers
of the governing body, and committee members may be reimbursed for necessary
expenses incidental to the performance of official business of the credit
union.
(d)
Notwithstanding the foregoing, directors, officers of the governing body, and
committee members may be compensated for services, other than duties performed
as such director, officer of the governing body, or committee member, in
accordance with the conflict-of-interest provision set forth in section 31313
of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)