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Limitation of remuneration.
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68.—(1) A credit union shall not pay any remuneration, directly or indirectly, to—
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(a) a director of the credit union,
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(b) a member of the Supervisory Committee or a principal Committee of the credit union, or
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(c) a credit officer or credit control officer,
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for any service performed by that person in that capacity.
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(2) Nothing in subsection (1) shall be regarded as prohibiting the payment (or reimbursement) of expenses—
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(a) which are necessarily incurred by a director or committee member in the course of performing any service on behalf, or for the benefit, of the credit union; and
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(b) which are approved by a majority of the directors voting at a meeting of the board.
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(3) Nothing in subsection (1) shall be regarded as prohibiting any officer or voluntary assistant of a credit union, acting not as such but in his professional capacity, from tendering for the supply of, and if successful supplying, goods or services to the credit union.
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(4) In any year the treasurer of a credit union may be paid such remuneration (whether described as such or as an honorarium or otherwise) as—
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(a) may from time to time be approved prior to its payment (or the payment of any part of it) by the members in general meeting; and
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(b) does not exceed an amount recommended by the board of directors.
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