Board of directors; payment; restrictions

Sec. 21. (a) An association may provide a fair remuneration for: (1) the time actually spent by the association's officers and directors in the association's service; and (2) the service of the members of the association's executive committee and other committees. (b) A director may not during the term of the director's office be a party to a contract for profit with the association differing in any way from the business relations accorded other members or patrons of the association. [Pre-2008 Recodification Citation: 15-7-1-11(e).] As added by P.L.2-2008, SEC.3.