32-3-406. Compensation of officials. (1) An official of the credit union, other than the treasurer or an employee, may not be compensated for service in that position.

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(2)For the purposes of this section, the following payments are allowed and are not considered compensation:

(a)necessary expenses incidental to the performance of official business of the credit union; or

(b)reasonable life, health, accident, and similar insurance protection for an official.