515G.8 - PAYMENT OF FEES, SALARIES, AND COSTS.
515G.8 PAYMENT OF FEES, SALARIES, AND COSTS. A director, officer, agent, or employee of the mutual insurer shall not receive a fee, commission, or other valuable consideration, other than regular salary and compensation, for aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the commissioner. However, this section does not prohibit the payment of reasonable fees and compensation to a consultant, attorneys at law, accountants, actuaries, or other persons specifically employed for services performed in the practice of their professions while completing the plan of conversion, even if these persons are directors of the mutual insurer.
Section History: Recent Form 90 Acts, ch 1083, §8