Virginia § 6.2-1352 Compensation of officials

Virginia Statutes

§ 6.2-1352 — Compensation of officials

Virginia § 6.2-1352

JurisdictionVirginia

Title 6.2Financial Institutions and Services

Subtitle IIDepository Institutions and Trust Organizations

Ch. 13Credit Unions

Art. 7Direction of Affairs

This text of Virginia § 6.2-1352 (Compensation of officials) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 6.2-1352 (2026).

Text

A.Compensation of members of the board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000.

B.Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.

C.Directors and committee members, while on official business of the credit union, may be reimbursed for expenses consistent with Internal Revenue Service guidelines.

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A. Compensation of members of the board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000.

B. Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.

C. Directors and committee members, while on official business of the credit union, may be reimbursed for expenses consistent with Internal Revenue Service guidelines.

Legislative History

Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.35; 1995, c. 325; 2010, c. 794; 2020, cc. 262, 547.