Sec. 21. (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

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

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.
(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).]

As added by P.L.2-2008, SEC.3.