Credit Union Act 1997
Limitation of remuneration.
68.— F116 [ (1) A credit union shall not pay any remuneration, directly or indirectly, to —
( a ) a director of the credit union, or
( b ) a member of the board oversight committee or a principal Committee of the credit union,
for any service performed by that person in that capacity. ]
(2) Nothing in subsection (1) shall be regarded as prohibiting the payment (or reimbursement) of expenses—
( a) which are necessarily incurred by a director or committee member in the course of performing any service on behalf, or for the benefit, of the credit union; and
( b) which are approved by a majority of the directors voting at a meeting of the board.
(3) Nothing in subsection (1) shall be regarded as prohibiting any officer F117 [ … ] of a credit union, acting not as such but in his professional capacity, from tendering for the supply of, and if successful supplying, goods or services to the credit union.
(4) F118 [ … ]