§ 28-6.1-4-3 — Special service compensation

Indiana § 28-6.1-4-3

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 4: Board Members, Officers, and Employees

Text

(a) A savings bank that has accumulated a
surplus of at least five percent (5%) upon its deposits may pay board
members who render special personal service (beyond the ordinary
duty of attending meetings and serving upon committees other than of
examination) compensation determined by the board.
(b) A board member for whom special service compensation is
under consideration by the board may not vote upon the question.
(c) If, after special compensation is paid to a board member under
subsection (a), the savings bank's surplus becomes impaired so as to be
less than five percent (5%) of its deposits, the special compensation to
the board member shall cease until the surplus is again at least five
percent (5%) of deposits.

Legislative History

As added by P.L.42-1993, SEC.72.