Credit Union Act, 1966


15.—(1) Subject to subsection (2) of this section, a director or a member of the Credit Committee, Membership Committee or Supervisory Committee of a credit union shall not be paid by the credit union any remuneration, whether directly or indirectly, for any service performed by him in his capacity as such director or as chairman, vice-chairman or secretary or as such committee member on behalf of or for the benefit of the credit union, other than any expenses necessarily incurred by him in such capacity in carrying out any duties in respect of the business of the credit union and approved by a majority vote of the members of the board of directors of the credit union.

(2) The treasurer of a credit union may be paid such remuneration as may from time to time be approved, prior to the payment of such remuneration or any part thereof, by the members in general meeting.