20-832 - Limitation on salaries
20-832. Limitation on salaries
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.
|