Salaries to be authorized by directors. No domestic company shall pay any salary, compensation, or emolument to any officer, trustee, or director thereof, amounting in any 1 year to more than $5,000, unless such payment shall be authorized by the board of directors of the company. (June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 27.) Prior Codifications 1981 Ed., § 35-627. 1973 Ed., § 35-527. Section References This section is referenced in § 31-3503. Cross References Hospital and medical services corporation, applicability of this section, see § 31-3503.
District of Columbia Legal Code