§ 5-516. Compensation and contracts of officers and directors

Latest version.

(a) Compensation. -- A cooperative may provide a fair remuneration for the time its officers and directors spend in its service.

(b) Contracting with cooperative. -- During his term of office, a director may not be a party to a contract for profit with the cooperative if the contract differs in any way from the business relations with the cooperative accorded its other members.

HISTORY: An. Code 1957, art. 23, § 360; 1975, ch. 311, § 2.

                    
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