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§ 712. Indemnification and exoneration from liability of directors and officers

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit Unions

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 17 Pa.C.S.A. Credit Unions (Refs & Annos)
Chapter 7. Members, Directors and Officers
17 Pa.C.S.A. § 712
§ 712. Indemnification and exoneration from liability of directors and officers
(a) Indemnification.--A credit union shall be governed by the provisions of 15 Pa.C.S. Ch. 17 Subch. D (relating to indemnification).
(b) Exoneration from liability of volunteer officers.--Volunteer officers of Federal, State and out-of-State credit unions shall be entitled to the protection and rights set forth in 15 Pa.C.S. § 513 (relating to personal liability of directors) if the membership adopts a bylaw to that effect.
(c) Standard of care and personal liability of directors.--See 15 Pa.C.S. §§ 512 (relating to standard of care and justifiable reliance) and 513.

Credits

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months.
17 Pa.C.S.A. § 712, PA ST 17 Pa.C.S.A. § 712
Current through 2022 Regular Session Act 96. Some statute sections may be more current, see credits for details.
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