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Indemnification and exoneration from liability of directors and officers - 17 Pa. Cons. Stat. § 712

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     § 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.

        Cross References.  Section 712 is referred to in section 715
     of this title.

Last modified: November 27, 2007