Financial Institutions

Creation and Expansion

SECTION 19-2-16

§ 19-2-16. Indemnification of officers and employees for acts in course of duties.

Any financial institution or credit union may, by bylaw, authorize its directors or trustees to indemnify and reimburse any person (or the personal representative of any person) who at any time serves, or shall have served, as director, trustee, officer, or employee of the financial institution or credit union, whether or not in office at the time, against and for any and all claims and liabilities to which he or she may be or become subject by reason of this service, and against and for any and all expenses necessarily incurred in connection with the defense or reasonable settlement of any legal or administrative proceedings to which he or she is made a party by reason of this service, except in relation to matters as to which he or she shall be finally adjudged to be liable for negligence or misconduct in the performance of his or her official duties. The provisions of this section shall not be deemed to exclude any other right or privileges to which this person may be entitled.

History of Section.
(P.L. 1995, ch. 82, § 39.)