Section 5-516 - Compensation and contracts of officers and directors.
§ 5-516. Compensation and contracts of officers and directors.
(a) Compensation.- A cooperative may provide a fair remuneration for the time its officers and directors spend in its service.
(b) Contracting with cooperative.- During his term of office, a director may not be a party to a contract for profit with the cooperative if the contract differs in any way from the business relations with the cooperative accorded its other members.
[An. Code 1957, art. 23, § 360; 1975, ch. 311, § 2.]