A director, officer, committee member, agent or senior management employee of a credit union, and immediate family members of such individuals shall not, directly or indirectly, receive a fee, commission, or other consideration, other than that person's usual salary or compensation for aiding, promoting, or assisting in a conversion under this chapter.
Tenn. Code Ann. § 45-11-109
Fees, commissions or other forms of consideration prohibited
Known as the Financial Institutions Conversion Act
The act spans §§ 45-11-101 to 45-11-110 (10 sections).
Acts 2008, ch. 968, § 7.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.