215.516

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215.516 Mutual association may limit indemnification.

215.516(1)

(1) A mutual association’s obligations to indemnify under § 215.513 may be limited as follows:

215.516(1)(a)

(a) If the mutual association obtains a certificate of incorporation on or after June 13, 1987, by the articles of incorporation, including any amendments to the articles of incorporation.

215.516(1)(b)

(b) If the mutual association has obtained a certificate of incorporation before June 13, 1987, by an amendment to the articles of incorporation with an effective date, as provided in § 215.41 (5), on or after June 13, 1987.

215.516(2)

(2) A limitation under sub. (1) applies if the first alleged act of a director or officer for which indemnification is sought occurred while the limitation was in effect.