(1) Unless the bylaws provide otherwise, only the members of the cooperative may establish compensation or other benefits for a director, not available generally to officers and employees, for services as a director.
(2) Unless the bylaws provide otherwise, no director shall hold during the term as director any position in the cooperative on regular salary.
(3) Unless the bylaws provide otherwise, the board may provide, for prior or future services of any officer or employee, reasonable compensation, pension or other benefits to such officer or employee and pension or other benefits to a member of the family of the officer or employee or beneficiaries of the officer or employee. No officer or employee who is a director may take part in any vote on the compensation of the officer or employee for services rendered or to be rendered the cooperative. [1957 c.716 §27]
Section: Previous 62.283 62.284 62.285 62.286 62.287 62.290 62.295 62.300 62.305 62.310 62.315 62.320 62.325 62.330 62.335 NextLast modified: August 7, 2008