How S821 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill allows credit unions to compensate board members for their services as determined by the members at an annual meeting.

• Chapter 171, Section 20

  The members of the board of directors of a credit union may be compensated for their services as members of the board or any committee thereof, in an amount determined by the members at an annual meeting. → Any credit union may compensate each of the members of the board of directors for his or her services as a member of the board or any committee thereof a sum that may, from time to time, be fixed by the members at an annual meeting.

  This change clarifies that any credit union can set the compensation for board members.