Statutes > Tennessee Statutes > Title 45 - Banks And Financial Institutions > Chapter 11 - Financial Institutions Conversion Act > 45-11-109 - Fees, commissions or other forms of consideration prohibited.

45-11-109 - Fees, commissions or other forms of consideration prohibited.

45-11-109. Fees, commissions or other forms of consideration prohibited.

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.

[Acts 2008, ch. 968, § 7.]