1. (1) A credit union may pay to its directors and supervisory committee members reasonable compensation for their service as directors and supervisory committee members. Irrespective of whether it pays compensation to its directors or supervisory committee members, a credit union may provide to its directors and supervisory committee members:

   1. (a) Gifts of minimal value;
   2. (b) Insurance coverage or incidental services, available to employees generally; and
   3. (c) Reimbursement for reasonable expenses incurred on behalf of themselves and their spouses in the performance of the directors' and supervisory committee members' duties.
2. (2) The director may adopt rules to interpret this section.

[ 2015 c 123 s 2; 2013 c 34 s 6; 2001 c 83 s 12; 1997 c 397 s 25; 1984 c 31 s 38.]