Illinois Compiled Statutes 205 ILCS 305 Illinois Credit Union Act. Section 56
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Illinois Laws
(205 ILCS 305/56) (from Ch. 17, par. 4457)
Sec. 56. Liability insurance for directors and officers. A credit union
may purchase and maintain insurance on behalf of any person who is or was
a director, officer, committee member, employee or agent of the credit union
as a director, officer, committee member, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability
asserted against such person incurred by such person in any such capacity
or arising out of such person's status as such, whether or not the credit
union would have the power to indemnify such person against such liability.
(Source: P.A. 97-133, eff. 1-1-12.)
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Last modified: February 20, 2012
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