§ 19-2-16 - Indemnification of officers and employees for acts in course of duties.
SECTION 19-2-16
§ 19-2-16 Indemnification of officers andemployees for acts in course of duties. – Any financial institution or credit union may, by by-law, authorize itsdirectors or trustees to indemnify and reimburse any person (or the personalrepresentative of any person) who at any time serves or shall have served asdirector, trustee, officer, or employee of the financial institution or creditunion, whether or not in office at the time, against and for any and all claimsand liabilities to which he or she may be or become subject by reason of thisservice, and against and for any and all expenses necessarily incurred inconnection with the defense or reasonable settlement of any legal oradministrative proceedings to which he or she is made a party by reason of thisservice, except in relation to matters as to which he or she shall be finallyadjudged to be liable for negligence or misconduct in the performance of his orher official duties. The provisions of this section shall not be deemed toexclude any other right or privileges to which this person may be entitled.