CFR > Title 12 - Banks and Banking > CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION > SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS (parts 700 to 761) > PART 708a—BANK CONVERSIONS AND MERGERS > SUBPART A—Conversion of Insured Credit Unions to Mutual Savings Banks (§708a.1 to §708a.113) > 708a.11—Limit on compensation of officials.

708a.11—Limit on compensation of officials.

No director or senior management official of an insured credit union may receive any economic benefit in connection with the conversion of a credit union other than compensation and other benefits paid to directors or senior management officials of the converted institution in the ordinary course of business.

Code of Federal Regulations

Effective Date Note: At 75 FR 81386, Dec. 28, 2010, § 708a.11 was redesignated as § 708a.111, effective Jan. 27, 2011.