§ 7-129-108 — Insurance

A nonprofit corporation may purchase and maintain
insurance on behalf of a person who is or was a director, officer, employee,
fiduciary, or agent of the nonprofit corporation, or who, while a director, officer,
employee, fiduciary, or agent of the nonprofit corporation, is or was serving at the
request of the nonprofit corporation as a director, officer, partner, member,
manager, trustee, employee, fiduciary, or agent of any domestic or foreign entity or
of any employee benefit plan, against liability asserted against or incurred by the
person in that capacity or arising from the person's status as a director, officer,
employee, fiduciary, or agent, whether or not the nonprofit corporation would have
power to indemnify the person against the same liability under section 7-129-102, 7-129-103, or 7-129-107. Any such insurance may be procured from any insurance
company designated by the board of directors, whether such insurance company is
formed under the law of this state or any other jurisdiction, including any insurance
company in which the nonprofit corporation has an equity or any other interest
through stock ownership or otherwise.

Legislative History

Source: L. 97: Entire article added, p. 705, � 3, effective July 1, 1998. L. 2003: Entire section amended, p. 2343, � 310, effective July 1, 2004.