Cal. Code Regs. Tit. 10, § 30.307 - Reimbursement for Expenses
Current through Register 2022 Notice Reg. No. 16, April 25, 2022
For purposes of Section 14410(b) of the Financial Code, the term "expenses" includes payment (by reimbursement to a director or a committee member or direct credit union payment to a third party) for reasonable and proper costs incurred by a director or committee member in carrying out the responsibilities of the position to which the person has been elected or appointed, if the payment is determined by the board of directors to be necessary or appropriate in order to carry out the official business of the credit union, and is in accordance with written policies and procedures established by the board of directors which shall include documentation requirements and definitions of any expense items (including travel costs) that may be reimbursed by the credit union. Reimbursement under this section may include the payment of travel costs for directors and committee members and one immediate family member (as defined in the written policies and procedures) per director or committee member.
Note: Authority cited: Section 14201, Financial Code. Reference: Section 14410, Financial Code.
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