Section 43-16-118 - Directors not to be interested in contracts for profit - Directors occupying positions in association

No director, during that director's term of office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary, on regular salary or substantially full-time pay.Acts 1923, ch. 100, § 12; Shan. Supp., § 2534a42; Code 1932, §3800; T.C.A. (orig. ed.), § 43-1818.