Salaries to be authorized by directors

  1. Law
  2. District of Columbia Code
  3. Insurance and Securities
  4. Domestic Life Companies
  5. Salaries to be authorized by directors

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No domestic company shall pay any salary, compensation, or emolument to any officer, trustee, or director thereof, amounting in any 1 year to more than $5,000, unless such payment shall be authorized by the board of directors of the company.

(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 27.)

Prior Codifications

1981 Ed., § 35-627.

1973 Ed., § 35-527.

Section References

This section is referenced in § 31-3503.

Cross References

Hospital and medical services corporation, applicability of this section, see § 31-3503.


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