Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2016 - onwards
  Version 4 of 4    

68. Limitation of remuneration.

(1) A credit union shall not pay any remuneration, directly or indirectly, to -

(a) a director of the credit union, or

(b) a member of the board oversight committee or a principal Committee of the credit union,

for any service performed by that person in that capacity.

(2) Nothing in subsection (1) shall be regarded as prohibiting the payment (or reimbursement) of expenses -

(a) which are necessarily incurred by a director or committee member in the course of performing any service on behalf, or for the benefit, of the credit union; and

(b) which are approved by a majority of the directors voting at a meeting of the board.

(3) Nothing in subsection (1) shall be regarded as prohibiting any officer of a credit union, acting not as such but in his professional capacity, from tendering for the supply of, and if successful supplying, goods or services to the credit union.

(4) [deleted]