Cooperative Credit Associations Act
Version of section 217 from 2003-01-01 to 2006-04-26:
Marginal note:Directors’ and officers’ insurance
217 An association may purchase and maintain insurance for the benefit of any person referred to in section 216 against any liability incurred by the person
(a) in the capacity of a director or an officer of the association, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the association; or
(b) in the capacity of a director or an officer of another entity where the person acts or acted in that capacity at the association’s request, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.
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