12 CFR § 708a.111 - Limit on compensation of officials.

---
identifier: "/us/cfr/t12/s708a.111"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 708a.111 - Limit on compensation of officials."
title_number: 12
title_name: "Banks and Banking"
section_number: "708a.111"
section_name: "Limit on compensation of officials."
chapter_name: "NATIONAL CREDIT UNION ADMINISTRATION"
subchapter_number: "A"
subchapter_name: "REGULATIONS AFFECTING CREDIT UNIONS"
part_number: "708a"
part_name: "BANK CONVERSIONS AND MERGERS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1766, 1785(b), and 1785(c)."
regulatory_source: "71 FR 77167, Dec 22, 2006, unless otherwise noted."
cfr_part: "708a"
---


# 708a.111 Limit on compensation of officials.

No director or senior management official of an insured credit union may receive any economic benefit in connection with the conversion of a credit union other than compensation and other benefits paid to directors or senior management officials of the converted institution in the ordinary course of business.

[71 FR 77167, Dec. 22, 2006. Redesignated at 75 FR 81386, Dec. 28, 2010]