sch.7-sec.51Remuneration of directors (CNL s203)

sch.7-sec.51 Remuneration of directors (CNL s203)

Directors’ remuneration must comply with the provisions of the Law. Remuneration for directors is strictly controlled under the Law and requires the approval of the co-operative in general meeting. However, it is possible for a co-operative to specify in its rules that a director will receive particular remuneration if this is appropriate. It may still be necessary to obtain ratification or approval at a general meeting even in respect of specified remuneration under the rules. An alternate director is treated as a director under the Law, and remuneration of an alternate director is subject to the same restrictions under the Law.