203Directors’ remuneration

203 Directors’ remuneration

203 Directors’ remuneration

A director of a co-operative must not receive remuneration for services as a director other than—

(a) fees, concessions and other benefits approved at a general meeting of the co-operative; and

(b) director’s travelling and other expenses that the director properly incurs—

(i) in attending meetings of the board of directors of the co-operative or any meetings of committees of directors of the co-operative; and

(ii) in attending any general meetings of the co-operative.

Maximum penalty—$24,000 or imprisonment for 2 years, or both.