Notwithstanding any other provision of law, no state bank shall indemnify or insure any executive officer, director, employee, agent, or person participating in the conduct of affairs of such bank against civil money penalties.
Source: L. 2003: Entire article added with relocations, p. 1078, § 3, effective July 1.
Editor's note: This section is similar to former § 11-2-118 as it existed prior to 2003.
Structure Colorado Code
Title 11 - Financial Institutions
Article 102 - Division of Banking
Part 5 - Conflicts of Interest, Penalties, Removal, Suspension, Enforcement
§ 11-102-501. Banking Interests of Officers and Employees
§ 11-102-502. Exemption From Liability - When
§ 11-102-503. Assessment of Civil Money Penalties by Banking Board
§ 11-102-504. No Indemnification or Insurance Against Civil Money Penalties
§ 11-102-505. Removal of Director, Officer, or Other Person
§ 11-102-506. Suspension of Director, Officer, or Other Person
§ 11-102-507. Informal Enforcement Authority
§ 11-102-508. Statements Derogatory to State Banks - Penalty