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(205 ILCS 305/23)
(from Ch. 17, par. 4424)
Compensation of officials.
(1) Directors and committee members may
receive reasonable compensation for their service as such, the amount of which shall be set by the board of directors. The Department shall, by rule, establish maximum rates of reasonable compensation that are generally applicable to credit unions considering factors the Department may establish from time to time, including, but not limited to, total assets, nonprofit cooperative structure, and the best interests of members.
"Compensation" as used in this subsection (1) refers to remuneration expense
to the credit union for services provided by a director or committee member in
his or her capacity as director or committee member. The remuneration expense shall be disclosed on an annual basis to the membership in the financial statement that is part of the annual membership meeting materials. The disclosure shall contain: (i) the amount paid to each director and (ii) the amount paid to the directors as a group.
(2) The credit union may incur the expense of providing
reasonable life, health,
accident, and similar insurance protection benefits for directors and committee members.
(3) Directors, committee members and
employees, while on official business of the credit union, may be reimbursed
for reasonable and necessary expenses. Alternatively, the credit union may make direct payment to a third party for such business expenses. Reasonable and necessary expenses may include the payment of travel costs for the foregoing officials and one guest per official. All payment of costs shall be made in accordance with written policies and procedures established by the board of directors.
(4) The board of directors may establish
compensation for officers of the credit union.
(Source: P.A. 101-567, eff. 8-23-19.)