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Compensation of directors and officers - 17 Pa. Cons. Stat. § 709

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     § 709.  Compensation of directors and officers.
        Members of the board of directors, the credit committee and
     the supervisory committee may be compensated if the credit union
     pays dividends to its members commensurate with prevailing
     market rates during the preceding year. A credit union shall be
     deemed to pay dividends commensurate with prevailing market
     rates if declared dividend rates on share accounts are
     competitive with dividend or interest rates offered by other
     credit unions, Federal credit unions or other financial
     institutions authorized to engage in the business of receiving
     money for deposit. The department may prohibit or regulate the
     payment of compensation of directors, committee members and
     officers, exclusive of the treasurer, if it deems such
     compensation excessive or if, in its opinion, the financial
     condition of the credit union is not such as to warrant the
     payment of such compensation.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

Last modified: November 27, 2007