Conflict of interest.
No director, officer, agent, or employee of the mutual company, or any other person, shall receive any fee, commission, or other valuable consideration, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the Commissioner. This provision does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, and actuaries for services performed in the independent practice of their professions, even if the attorney, accountant, or actuary is also a director of the mutual company.
Annotations
May 24, 1996, D.C. Law 11-126, § 13, 43 DCR 1551 Mar. 24, 1998, D.C. Law 12-81, § 43(j), 45 DCR 745 1981 Ed., § 35-4212.
Sourced from the DC Council Open Law Library (public domain).
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