Board of directors; payment; restrictions

Ind. Code § 15-12-1-21
in effect
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Sec. 21. (a) An association may provide a fair remuneration for: (1) the time actually spent by the association's officers and directors in the association's service; and (2) the service of the members of the association's executive committee and other committees. (b) A director may not during the term of the director's office be a party to a contract for profit with the association differing in any way from the business relations accorded other members or patrons of the association. [Pre-2008 Recodification Citation: 15-7-1-11(e).] As added by P.L.2-2008, SEC.3.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/15Fetched: 10/17/2026

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