§ 28-7-1-31.3 — Credit union officials; discharge of duties; indemnification

Indiana § 28-7-1-31.3

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 1: Credit Unions

Text

3. (a) As used in this section, "official"
means an individual who is or who was a director, committee member,
officer, or employee of a credit union.
(b) An official of a credit union shall discharge the duties of the
official's position in good faith and with the degree of diligence, care,
and skill that an ordinarily prudent person would exercise under similar
circumstances in a like position. In discharging the official's duties, an
official may rely upon:
(1) the opinion of legal counsel for the credit union;
(2) the report of an independent appraiser selected with
reasonable care by:
(A) the board; or
(B) an officer of the credit union; or
(3) financial statements of the credit union:
(A) represented to the official to be correct by the:
(i) chief executive officer; or
(ii) officer of the credit union having charge of the credit
union's records; or
(B) stated in a written report by an independent public or
certified public accountant or firm of accountants fairly to
reflect the financial condition of the credit union.
(c) As used in this section, "credit union" includes all other credit
unions that become related to a credit union by a consolidation or
merger and the resulting or continuing credit union.
(d) A credit union may indemnify a director, a committee member,
an officer, an employee, or an agent to the extent and in the same
manner that a corporation may indemnify a director, committee
member, officer, employee, or agent under IC 28-13-13-2 through IC 28-13-13-13.

Legislative History

As added by P.L.35-2010, SEC.168.