2016 Pennsylvania Consolidated Statutes
Title 17 - CREDIT UNIONS
Chapter 7 - Members, Directors and Officers
Section 709 - Compensation of directors and officers
§ 709. Compensation of directors and officers. Members of the board of directors, the credit committee and the supervisory committee may be compensated if the credit union pays dividends to its members commensurate with prevailing market rates during the preceding year. A credit union shall be deemed to pay dividends commensurate with prevailing market rates if declared dividend rates on share accounts are competitive with dividend or interest rates offered by other credit unions, Federal credit unions or other financial institutions authorized to engage in the business of receiving money for deposit. The department may prohibit or regulate the payment of compensation of directors, committee members and officers, exclusive of the treasurer, if it deems such compensation excessive or if, in its opinion, the financial condition of the credit union is not such as to warrant the payment of such compensation. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
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