§31314. Compensation; insurance; expenses

Link to law: http://legislature.vermont.gov/statutes/section/08/221/31314
Published: 2015

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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.)
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