(a)(1) A District credit union may compensate an officer, director, or committee member for the member's services to the District credit union.
(2) Life, health, accident, and similar insurance protection provided by a District credit union to an officer, director, or committee member shall not be considered compensation.
(b) A District credit union may reimburse directors, officers, and committee members for necessary expenses incidental to the performance of the official business of the District credit union.
(May 6, 2020, D.C. Law 23-86, § 505, 67 DCR 3476.)
Structure District of Columbia Code
Title 26 - Banks and Other Financial Institutions
Subchapter I - Credit Union Act of 2020
Part E - Credit Union Governance
§ 26–505.01. Authority and duty of a board of directors
§ 26–505.02. Election of a board of directors
§ 26–505.03. Appointment of committees
§ 26–505.05. Compensation of officials
§ 26–505.06. Limited liability of directors and officers
§ 26–505.07. Conflicts of interest