Amended by Stats. 2021, Ch. 762, Sec. 3. (SB 269) Effective January 1, 2022.
(a)(1) A member of the board of directors, supervisory committee, audit committee, or credit committee shall not receive compensation for that member’s services as a member of the board of directors, supervisory committee, audit committee, or credit committee, but the member may be provided with reasonable health, accident, and similar insurance.
(2)This subdivision does not prohibit a member of the board of directors, supervisory committee, audit committee, or credit committee from receiving nonmonetary compensation that is incidental to the person’s service as a member of the board of directors, supervisory committee, audit
committee, or credit committee, if and as approved by regulation or order of the commissioner.
(b)Notwithstanding subdivision (a), a director or committee member may be reimbursed for actual expenses incurred in the performance of that person’s duties if reimbursement is made pursuant to the requirements of the commissioner’s regulations controlling expense reimbursement by the credit union. Reimbursement for actual expenses may include, among other things, travel expenses incurred on or relating to credit union businesses and any other matters, categories, or items of expense that the commissioner establishes by regulation.
(c)This section shall not prevent any person from receiving compensation for actual services as a general manager, credit manager, loan officer,
or other position as an employee of the credit union.
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