Tennessee § 45-4-204 - [Reserved.]
Full text of Tennessee Tennessee Code Annotated § 45-4-204 — [Reserved.], with citation guidance and answers to common questions.
§ 45-4-204. [Reserved.]
No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee. As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions: The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union; Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1); The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item. Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings. Acts 1923, ch. 68, § 12; Shan. Supp., § 2198a19; Code 1932, § 3846; T.C.A. (orig. ed.), § 45-1814; Acts 1985, ch. 17, § 4; 2013, ch. 59, § 1.
Frequently Asked Questions About Tennessee § 45-4-204
What does Tennessee Code Annotated § 45-4-204 cover?
Section 45-4-204 ("[Reserved.]") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-4-204?
A common citation format is "Tennessee Code Annotated § 45-4-204" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-4-204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.