Indiana § 15-12-1-21 Board of directors; payment; restrictions

Indiana Statutes

§ 15-12-1-21 — Board of directors; payment; restrictions

Indiana·Art. 12 AGRICULTURAL ASSISTANCE·Ch. 1 Agricultural Cooperatives

(a)An association may provide a fair remuneration for:

(1)the time actually spent by the association's officers and directors in the association's service; and

(2)the service of the members of the association's executive committee and other committees.

(b)A director may not during the term of the director's office be a party to a contract for profit with the association differing in any way from the business relations accorded other members or patrons of the association. [Pre-2008 Recodification Citation: 15-7-1-11(e).]

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(a) An association may provide a fair
remuneration for:
(1) the time actually spent by the association's officers and
directors in the association's service; and
(2) the service of the members of the association's executive
committee and other committees.
(b) A director may not during the term of the director's office be a
party to a contract for profit with the association differing in any way
from the business relations accorded other members or patrons of the
association.
[Pre-2008 Recodification Citation: 15-7-1-11(e).]

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