Texas Education Code 43.057 – Liability Insurance for Board Members and Employees
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(a) The corporation may purchase or otherwise acquire insurance to protect members of the board of directors and employees of the corporation, subject to Subsection (c).
(b) Insurance purchased or acquired by the corporation under this section may:
(1) protect against any type of liability to third persons that might be incurred while conducting corporation business; and
(2) provide for all costs of defending a cause of action for such liability, including court costs and attorney’s fees.
Terms Used In Texas Education Code 43.057
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) This section does not authorize the purchase or acquisition of insurance to protect against liability not described in Subsection (b).