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2021 Pennsylvania Consolidated & Unconsolidated Statutes
Title 17 - CREDIT UNIONS
Chapter 7 - Members, Directors and Officers
Section 712 - Indemnification and exoneration from liability of directors and officers
Universal Citation:
17 PA Cons Stat § 712 (2021)
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§ 712. Indemnification and exoneration from liability of
directors and officers.
(a) Indemnification.--A credit union shall be governed by the provisions of 15 Pa.C.S. Ch. 17 Subch. D (relating to indemnification).
(b) Exoneration from liability of volunteer officers.-- Volunteer officers of Federal, State and out-of-State credit unions shall be entitled to the protection and rights set forth in 15 Pa.C.S. § 513 (relating to personal liability of directors) if the membership adopts a bylaw to that effect.
(c) Standard of care and personal liability of directors.-- See 15 Pa.C.S. §§ 512 (relating to standard of care and justifiable reliance) and 513.
Cross References. Section 712 is referred to in section 715 of this title.
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