Sec. 122.064. INDEMNIFICATION. A credit union may elect to indemnify a director, officer, employee, or agent of the credit union and to purchase insurance as if the credit union were an "enterprise" as defined by Section 8.001, Business Organizations Code, under and subject to the credit union's bylaws and written policy. A credit union may not provide any indemnification or insurance that would not be permissible under Chapter 8, Business Organizations Code, but may elect to impose the credit union's own limitations on indemnification.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 12, eff. September 1, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 122 - Organizational and Financial Requirements
Section 122.052. Meetings of Members; Voting
Section 122.053. Board of Directors; Terms and Duties
Section 122.054. Qualification of Directors
Section 122.055. Vacancies; Removal
Section 122.056. Honorary or Advisory Directors
Section 122.057. Officers; Executive Committee
Section 122.058. Chief Executive Officer
Section 122.059. Delegation of Management and Loan Approval Authority
Section 122.060. Certificate of Election