Regulations last checked for updates: Jun 01, 2024

Title 12 - Banks and Banking last revised: May 20, 2024
§ 708a.111 - Limit on compensation of officials.

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.

[71 FR 77167, Dec. 22, 2006. Redesignated at 75 FR 81386, Dec. 28, 2010]
authority: 12 U.S.C. 1766,1785,and
source: 71 FR 77167, Dec 22, 2006, unless otherwise noted.
cite as: 12 CFR 708a.111