§708a.111. Limit on compensation of officials.
12 C.F.R. § 708a.111
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.
Notes, amendments, and revision history
Amendments
[71 FR 77167, Dec. 22, 2006. Redesignated at 75 FR 81386, Dec. 28, 2010]
Authority
Authority: 12 U.S.C. 1766, 1785(b), and 1785(c).
Source
Source: 71 FR 77167, Dec 22, 2006, unless otherwise noted.
Amendments
[71 FR 77167, Dec. 22, 2006. Redesignated at 75 FR 81386, Dec. 28, 2010]