215.518 Court-ordered indemnification.
(1) Except as provided otherwise by written agreement between the director or officer and the mutual association, a director or officer who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. Application shall be made for an initial determination by the court under s. 215.514 (5) or for review by the court of an adverse determination under s. 215.514 (1), (2), (3), (4) or (6). After receipt of an application, the court shall give any notice it considers necessary.
(2) The court shall order indemnification if it determines any of the following:
(a) That the director or officer is entitled to indemnification under s. 215.513 (1) or (2). If the court also determines that the mutual association unreasonably refused the director's or officer's request for indemnification, the court shall order the mutual association to pay the director's or officer's reasonable expenses incurred to obtain the court-ordered indemnification.
(b) That the director or officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, regardless of whether indemnification is required under s. 215.513 (2).
History: 1987 a. 13.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 215 - Savings and loan associations.
215.02 - Powers of the division.
215.03 - Supervision and control of associations.
215.11 - Surety bond of association's officers, directors and employees.
215.12 - Penalty for dishonest acts; falsification of records.
215.13 - Powers of savings and loan associations.
215.135 - Additional authority.
215.137 - Savings promotion prize programs.
215.141 - Financially related services tie-ins.
215.15 - Evidence of ownership of savings accounts.
215.16 - Savings account earnings.
215.17 - Withdrawal of savings accounts.
215.18 - Closing of savings accounts.
215.19 - Loans on savings accounts.
215.20 - Property improvement loans.
215.205 - Other loans and investments.
215.215 - Nonconforming loans.
215.22 - Real estate owned by association.
215.23 - Limitations on investments in office buildings and related facilities.
215.25 - Annual audit requirement.
215.26 - Miscellaneous provisions.
215.32 - Possession by division; involuntary liquidation.
215.33 - Foreign associations.
215.35 - Conversion; or absorption; waiver.
215.36 - Interstate acquisition and merger of associations.
215.40 - Incorporation of a mutual savings and loan association.
215.41 - Articles of incorporation for mutual associations.
215.42 - Bylaws of mutual associations.
215.43 - Members and voting rights in a mutual association.
215.50 - Directors of a mutual association.
215.51 - Officers of a mutual association.
215.512 - Definitions applicable to indemnification and insurance provisions.
215.513 - Mandatory indemnification.
215.514 - Determination of right to indemnification.
215.515 - Allowance of expenses as incurred.
215.516 - Mutual association may limit indemnification.
215.517 - Additional rights to indemnification and allowance of expenses.
215.518 - Court-ordered indemnification.
215.519 - Indemnification and allowance of expenses of employees and agents.
215.523 - Reliance by directors or officers.
215.524 - Consideration of interests in addition to members' interests.
215.525 - Limited liability of directors and officers.
215.528 - General operation of a mutual association.
215.53 - Absorption involving mutual associations.
215.56 - Voluntary liquidation of a mutual association.
215.57 - Jurisdictional conversion of mutual associations.
215.58 - Organizational conversion from mutual to stock form.
215.59 - Mutual savings and loan holding companies.
215.60 - Incorporation of a capital stock savings and loan association.
215.61 - Articles of incorporation for capital stock associations.
215.62 - Bylaws of stock associations.
215.64 - Control of association by holding company.
215.70 - Directors of a stock association.
215.71 - Officers of stock association.
215.72 - General operations of a stock association.
215.73 - Absorption involving stock associations.
215.76 - Voluntary liquidation of a stock association.
215.77 - Jurisdictional conversion of capital stock associations.