Section 14October 21, 1997, Sec./Art. 14

Compensation of trustees, officers and employees. – No trustee, officer, or employee of an Association shall receive from such Association, and no Association shall pay to any trustee, officer, or employee of such Association, any commission, emolument, gratuity or reward based on the volume or number of loans made, or based on the interest or fees collected thereon. Nothing in this Sec. prohibits or limits any of the following:

a) receipt or payment of salaries of trustees, officers and employees;

b) receipt of payment of commissions to agents whether or not based on the volume or number of loans or on the interest or fees collected thereon; and

c) receipt or payment of bonuses to trustees, officers or employees if such bonuses are based on the performance and not on the volume or number of loans made or on the interest or fees collected thereon.

All increase in the compensation, in any form, of all trustees and trustee-officers in excess of ten percent (10%) thereof per annum shall require the approval of the Bangko Sentral.