Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 7 - Members, Directors and Officers
Section 712 - Indemnification and exoneration from liability of directors and officers

§ 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.

Structure Pennsylvania Consolidated & Unconsolidated Statutes