§ 1261.20. Definitions.
92 words·~1 min read·
/us/cfr/t12/s§ 1261.20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this subpart C: Compensation means any payment of money or the provision of any other thing of current or potential value in connection with service as a director. Compensation includes all direct and indirect payments of benefits, both cash and non-cash, granted to or for the benefit of any director. Expenses means necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of official duties as are payable to senior officers of the Bank under the Bank's travel policy, except gift or entertainment expenses.