Bill > S821

This bill amends Section 20 of Chapter 171 of the Massachusetts General Laws to allow credit unions to provide compensation to their board of directors, which was previously restricted. Specifically, the bill enables credit unions to determine and set compensation for board members and committee members through a vote at their annual meeting. This change gives credit unions more flexibility in recognizing and potentially attracting talented board members by allowing them to provide financial compensation for their service, which could help ensure that qualified individuals are willing to serve on credit union boards. The bill is straightforward and would take effect immediately upon passage, potentially helping smaller credit unions in particular to better compensate their volunteer board members for their time, expertise, and contributions to the organization's governance.

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https://malegislature.gov/Bills/194/S821