§ 709. Compensation of directors and officers. 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. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 7 - Members, Directors and Officers
Section 703 - Voting rights and procedures
Section 704 - Notice to members
Section 705 - Expulsion, suspension and withdrawal
Section 706 - Election of directors and credit and supervisory committee members
Section 707 - Duties of directors generally
Section 709 - Compensation of directors and officers
Section 710 - Executive committee
Section 711 - Procedures for approving service by certain persons
Section 712 - Indemnification and exoneration from liability of directors and officers
Section 715 - Actions by members to enforce a secondary right