2011 Wisconsin Laws 215.516 – Mutual association may limit indemnification
215.516
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.