Section 15-12-1-21 - Board of directors; payment; restrictions(a) An association may provide a fair remuneration for: (1) the time actually spent by the association's officers and directors in the association's service; and(2) the service of the members of the association's executive committee and other committees.(b) A director may not during the term of the director's office be a party to a contract for profit with the association differing in any way from the business relations accorded other members or patrons of the association.Pre-2008 Recodification Citation: 15-7-1-11(e).
As added by P.L. 2-2008, SEC.3.