§ 31-912. Conflict of interest.

Current through October 23, 2012

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.

                
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(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.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-4212.

Legislative History of Laws

For legislative history of D.C. Law 11-126, see Historical and Statutory Notes following § 31-901.

For legislative history of D.C. Law 12-81, see Historical and Statutory Notes following § 31-901.