Sec 20-832. Limitation on salaries

Latest version.

A corporation shall not:

1. Pay to any officer, agent or employee of the corporation any salary, compensation or emolument amounting in any year to more than five thousand dollars, unless the board of directors of the corporation, first authorizes the salary, compensation or emolument.

2. Make any agreement with any officer, agent or employee whereby the corporation agrees that for any services rendered or to be rendered the officer, agent or employee will receive a salary, compensation or emolument for a period of more than three years from the date of the agreement.

3. Pay any bonus, commission or dividend to any director of the corporation.

                    
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