§ 56-a. Indemnification of members, officers and employees. The state\nshall save harmless and indemnify the respective members, officers and\nemployees of the agency and its subsidiary corporations pursuant to\nsection seventeen of the public officers law against any claim, demand,\nsuit or judgment arising by reason of any act or omission to act by such\nmember, officer or employee occurring in the discharge of his duties and\nwithin the scope of his service on behalf of the agency or its\nsubsidiary corporations. In the event of any claim, demand, suit or\njudgment based on allegations that financial loss was sustained by any\nperson in connection with the acquisition, disposition or holding of\nnotes, bonds or other obligations of the agency, a member, officer or\nemployee of the age
Free access — add to your briefcase to read the full text and ask questions with AI
§ 56-a. Indemnification of members, officers and employees. The state\nshall save harmless and indemnify the respective members, officers and\nemployees of the agency and its subsidiary corporations pursuant to\nsection seventeen of the public officers law against any claim, demand,\nsuit or judgment arising by reason of any act or omission to act by such\nmember, officer or employee occurring in the discharge of his duties and\nwithin the scope of his service on behalf of the agency or its\nsubsidiary corporations. In the event of any claim, demand, suit or\njudgment based on allegations that financial loss was sustained by any\nperson in connection with the acquisition, disposition or holding of\nnotes, bonds or other obligations of the agency, a member, officer or\nemployee of the agency shall be saved harmless and indemnified\nnotwithstanding any limitations contained in such section seventeen,\nunless such individual is found by a final judicial determination not to\nhave acted, in good faith, for a purpose which he reasonably believed to\nbe in the best interests of the agency or not to have had reasonable\ncause to believe that his conduct was lawful. All of the provisions of\nsection seventeen of the public officers law which are not inconsistent\nwith this section shall apply to the members, officers and employees of\nthe agency or its subsidiary corporations, including the provisions\nrelating to the defense by the attorney general or private counsel of\nany civil action and the payment of legal costs incurred in connection\nwith the defense of any such action. Any member, officer or employee of\nthe agency or its subsidiary corporations seeking to be saved harmless\nor indemnified or to claim any other benefits available pursuant to this\nsection or section seventeen of the public officers law shall comply\nwith the procedural requirements of such section seventeen. As used in\nthis section the terms "member", "officer" and "employee" shall include\na former member, officer or employee, his estate or judicially appointed\npersonal representative.\n