Section 47March 10, 1990, Sec./Art. 47

Compensation. - (1) In the absence of any provision in the by-laws fixing their compensation, the directors shall not receive any compensation except for reasonable per diem: Provided, That any compensation other than per diems may be granted to directors by a majority vote of the members with voting rights at a regular or special general assembly meeting specifically called for the purpose: Provided further, that no additional compensation other than per diems shall be paid during the first year of existence of any cooperative.

(2) The compensation of officers of the cooperative as well as the members of the committees created pursuant to this Code or its by-laws may be fixed in the by-laws.

(3) Unless already fixed in the by-laws, the compensation of all other employees shall be determined by the board of directors.