17 Pennsylvania Consolidated Statutes § 712 - Indemnification And Exoneration From Liability Of Directors And Officers

§ 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.

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Last modified: October 8, 2016