Utah § 31A-5-415 Officers', directors', and employees' liability and indemnification.

Utah Statutes

§ 31A-5-415 — Officers', directors', and employees' liability and indemnification.

Utah·Title 31A Insurance Code·Ch. 31A-5 Domestic Stock and Mutual Insurance Corporations·Part 31A-5-4 Management of Insurance Corporations

(1)(1)(a) Section 16-10a-841 applies to the liabilities of directors of a stock corporation.

(1)(b) Subsection 16-6a-825(3) applies to loans to trustees and officers of a mutual.

(1)(c) A director who votes for or assents to a violation of Subsection 16-6a-825(3) or Section 16-10a-842 is jointly and severally liable to the corporation for any loss on the distribution.

(2)(2)(a) Title 16, Chapter 10a, Part 9, Indemnification, applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification.

(2)(b) The commissioner may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to have such indemnification enjoined.

(2)(c)

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(1) (1)(a) Section 16-10a-841 applies to the liabilities of directors of a stock corporation.
(1)(b) Subsection 16-6a-825(3) applies to loans to trustees and officers of a mutual.
(1)(c) A director who votes for or assents to a violation of Subsection 16-6a-825(3) or Section 16-10a-842 is jointly and severally liable to the corporation for any loss on the distribution.
(2) (2)(a) Title 16, Chapter 10a, Part 9, Indemnification, applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification.
(2)(b) The commissioner may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to have such indemnification enjoined.
(2)(c) The court may enjoin the indemnification to the extent the indemnification would render the insurer in a hazardous condition, or exacerbate an existing financially hazardous condition.

Utah § 31A-5-415 (Officers', directors', and employees' liability and indemnification.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.