Indiana Code 15-12-1-21. Board of directors; payment; restrictions
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Sec. 21. (a) An association may provide a fair remuneration for:
(2) the service of the members of the association’s executive committee and other committees.
(1) the time actually spent by the association’s officers and directors in the association’s service; and
Terms Used In Indiana Code 15-12-1-21
- association: means any corporation organized under or governed by this chapter. See Indiana Code 15-12-1-4
- Contract: A legal written agreement that becomes binding when signed.
(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).]
As added by P.L.2-2008, SEC.3.