Bill Text: VA HB813 | 2020 | Regular Session | Chaptered
Bill Title: Credit unions; board of directors compensation.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2020-03-10 - Governor: Acts of Assembly Chapter text (CHAP0262) [HB813 Detail]
Download: Virginia-2020-HB813-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §6.2-1352 of the Code of Virginia is amended and reenacted as follows:
§6.2-1352. Compensation of officials.
No member A. Compensation of members of the
board of directors shall receive any compensation for his services as a
member of the board. The and members of the credit or and
supervisory committee may receive for their services, as members, such
compensation as committees shall be determined by a written policy
approved by the board of directors may determine, provided that
annual compensation for an individual member does not exceed $6,000.
B. Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.
C. Directors and committee members, while on official
business of the credit union, may be reimbursed for necessary expenses
incidental to performing the business of the credit union. Official business of
the credit union shall include attendance at regular or special meetings of the
board of directors or committees thereof consistent with Internal
Revenue Service guidelines.
