Effective: March 20, 2019
Latest Legislation: House Bill 489 - 132nd General Assembly
(A) A credit union may provide, at its expense, a director or committee member reasonable health, accident, and related types of personal insurance protection. A director or committee member is entitled, subject to rules adopted under section 1733.411 of the Revised Code and when so authorized by the board of directors, to reimbursement for the director's or committee member's expenses incurred in connection with the business of the credit union.
(B) A credit union may provide any of the following to its directors and supervisory audit committee members:
(1) Reasonable compensation for their service as directors or supervisory audit committee members;
(2) Gifts of minimal value;
(3) Insurance coverage or other benefits that are available to employees generally;
(4) Reimbursement for reasonable expenses incurred on behalf of themselves and their spouses in the performance of their duties as directors or supervisory audit committee members.
(C) The superintendent of financial institutions may, in accordance with Chapter 119. of the Revised Code, adopt any rule necessary for the implementation of this section.