§ 18496.1. — 18496.1. (Added by Stats. 1985, Ch. 1349, Sec. 1.)

California § 18496.1.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 7.: DIVISION 7. INDUSTRIAL LOAN COMPANIES
• Ch. 7.: CHAPTER 7. Guarantee of Thrift Accounts
• Art. 2.: ARTICLE 2. General

Text

(a)
A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal acts arising out of, or in connection with, the performance of his or her duties on behalf of Thrift Guaranty Corporation, but shall not be subject to liability or causes of action for acts other than those set forth in this section.
(b)
The board of directors shall exercise reasonable efforts to obtain directors, officers, employees, and agents, errors and omissions liability
insurance coverage and shall within 30 days from the end of each fiscal year submit to the commissioner its reports, advising the commissioner of the terms and costs of such coverage, if available.

Legislative History

Added by Stats. 1985, Ch. 1349, Sec. 1. Effective October 1, 1985.