32-3-406. Compensation of officials. (1) An official of the credit union, other than the treasurer or an employee, may not be compensated for service in that position.

(2) For the purposes of this section, the following payments are allowed and are not considered compensation:

(a) necessary expenses incidental to the performance of official business of the credit union; or

(b) reasonable life, health, accident, and similar insurance protection for an official.