§ 35-18-327 — Definitions

35-18-327 . Definitions. As used in 35-18-327 through 35-18-333 , the following definitions apply:
(1) "Liability" means the obligation to pay a judgment, settlement, penalty, or fine, including an excise tax assessed with respect to an employee benefit plan, or to pay reasonable expenses incurred with respect to a proceeding.
(2) (a) "Official capacity" means the office of trustee or officer in a cooperative.
(b) The term does not include service for any other domestic cooperative or any partnership, joint venture, trust, or other enterprise.
(3) "Party" includes an individual who was, is, or is threatened to be made a named defendant or respondent in a proceeding.
(4) "Proceeding" means any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal.
(5) (a) "Trustee or officer" means an individual who is or was a trustee or officer of a cooperative or an individual who, while a trustee or officer of a cooperative, is or was serving at the cooperative's request as a director, officer, partner, trustee, employee, or agent of another domestic cooperative, partnership, joint venture, trust, or other enterprise.
(b) The term includes, unless the context requires otherwise, the estate or personal representative of a trustee or officer.

Legislative History

En. Sec. 3, Ch. 173, L. 2001.