Section 10.15.180. Compensation and benefits to directors, officers, and employees.

Unless the bylaws provide otherwise,
        (1) only the members of the cooperative may establish compensation or other benefits for a director, not available generally to officers and employees, for services as a director;
        (2) a director may not hold, during a term as director, a position in the cooperative on regular salary;
        (3) the board may provide, for prior or future services of an officer or employee, reasonable compensation, pension, or other benefits to the officer or employee and pension or other benefits to a member of the family of the officer or employee or the beneficiaries of the officer or employee; an officer or employee who is a director may not take part in a vote on compensation for services rendered or to be rendered to the cooperative by that officer or employee.

Notes

History

(Sec. 24 ch 107 SLA 1959)