HB 813

            
2020 SESSION


20106517D

HOUSE BILL NO. 813

AMENDMENT IN THE NATURE OF A SUBSTITUTE

(Proposed by the House Committee on Labor and Commerce

on January 23, 2020)

(Patron Prior to Substitute--Delegate Ward)

A BILL to amend and reenact � 6.2-1352 of the Code of
Virginia, relating to credit unions; compensation of directors.

Be it enacted by the General Assembly of Virginia:

1. That � 6.2-1352 of the Code of Virginia is amended and
reenacted as follows:

� 6.2-1352. Compensation of officials.

No member A. Compensation of members of the
board of directors shall receive any compensation for his services as a
member of the board. The and members of the credit or and
supervisory committee may receive for their services, as members, such
compensation as committees shall be determined by a written policy
approved by the board of directors may determine, provided that
annual compensation for an individual member does not exceed $6,000.

B. Health, accident, and term life insurance protection
for a director or committee member shall not be considered compensation.

C. Directors and committee members, while on official
business of the credit union, may be reimbursed for necessary expenses
incidental to performing the business of the credit union. Official business of
the credit union shall include attendance at regular or special meetings of the
board of directors or committees thereof consistent with Internal
Revenue Service guidelines.