203
CurrentDirectors' remuneration
Chapter 3Management and operation of co-operatives
Part 3.1Management
Division 4Duties and liabilities of directors, officers and employees
203 Directors' remuneration
A director of a co-operative must not receive remuneration for services as a director other than:
(a) fees, concessions and other benefits approved at a general meeting of the co-operative; and
(b) director's travelling and other expenses that the director properly incurs:
(i) in attending meetings of the board of directors of the co‑operative or any meetings of committees of directors of the co‑operative; and
(ii)
in attending any general meetings of the co-operative.
Maximum penalty: $24 000 or imprisonment for 2 years, or both.
This Act’s bill:Explanatory statement
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