2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-30 - Compensation of officials.
No board or committee member may be compensated for services performed in the regular course of duties pertaining to that board or committee position. Notwithstanding any provision of the Credit Union Act to the contrary, board or committee members may be compensated for those services provided to the credit union while temporarily serving in an additional capacity other than as a board or committee member. Reasonable life, accident and similar insurance protection shall not be considered compensation to a board or committee member. Board and committee members may be reimbursed for reasonable and necessary expenses incidental to the performance of official business of the credit union, provided such expenses are documented.
History: Laws 1987, ch. 311, § 30; 1991, ch. 51, § 7; 1997, ch. 195, § 21; 2003, ch. 28, § 7.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-30 NMSA 1978, as enacted by Laws 1967, ch. 210, § 2, relating to proof of debt, effective June 19, 1987, and enacted a new 58-11-30 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment, effective June 20, 2003, deleted "health" following "Reasonable life," near the middle of the section; and deleted "that" following "provided" near the end of the section.
The 1997 amendment, effective July 1, 1997, added "performed in the regular course of duties pertaining to that board or committee position" at the end of the first sentence, added the second sentence, added "to a board or committee member" at the end of the third sentence, and made a minor stylistic change in the first sentence.
The 1991 amendment, effective July 1, 1991, rewrote the first sentence which formerly read "No officer, board member or committee member other than an employee may be compensated for his services except that a board member in attendance at regular board meetings may be compensated up to a maximum of twenty dollars ($20.00) per month for such attendance" and in the last sentence inserted "reasonable and".
