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Tennessee Code Title 45. Banks and Financial Institutions § 45-4-205

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee.

(b) As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions:

(1) The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union;

(2) Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1);

(3) The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and

(4) The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item.

(c) Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings.

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Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-4-205 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-4-205/

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