Credit Union Act 1997

Limitation of remuneration.

68

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 [ ]