Directors and members of committees — Compensation — Reimbursement — Loans.
*** CHANGE IN 2013 *** (SEE 5302.SL) ***
(1) Directors and members of committees shall not receive compensation for their service as directors and committee members. However, this subsection does not prohibit directors or committee members from receiving:
(a) Gifts of minimal value; and
(b) Insurance coverage or incidental services, available to employees generally.
(2) Directors and members of committees may receive reimbursement for reasonable expenses incurred on behalf of themselves and their spouses in the performance of the directors' and committee members' duties.
(3) Loans to directors and supervisory and credit committee members may not be made under more favorable terms and conditions than those made to members generally.
[2001 c 83 § 12; 1997 c 397 § 25; 1984 c 31 § 38.]