§ 709. Compensation of directors and officers.

151 words·~1 min read·/pa/title-17/chapter-7/709

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Members of the board of directors, the credit committee and the supervisory committee may be compensated if the credit union pays dividends to its members commensurate with prevailing market rates during the preceding year. A credit union shall be deemed to pay dividends commensurate with prevailing market rates if declared dividend rates on share accounts are competitive with dividend or interest rates offered by other credit unions, Federal credit unions or other financial institutions authorized to engage in the business of receiving money for deposit.

The department may prohibit or regulate the payment of compensation of directors, committee members and officers, exclusive of the treasurer, if it deems such compensation excessive or if, in its opinion, the financial condition of the credit union is not such as to warrant the payment of such compensation.

17c709v

(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

17c710s