Utah Code 3-1-13.4. Indemnification of officers, directors, employees, fiduciaries, and agents
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(1) The association shall have the same powers, rights, and obligations and shall be subject to the same liabilities as apply to corporations for profit as set forth in Sections 16-10a-901 16-10a-909 .
Terms Used In Utah Code 3-1-13.4
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2)
(2)(a) Association directors, officers, employees, fiduciaries, and agents shall have the same rights of indemnification as directors, officers, employees, fiduciaries, and agents, respectively, of corporations for profit as set forth in Sections 16-10a-901 16-10a-909 .
(2)(b) A reference in Sections 16-10a-901 16-10a-909 :
(2)(b)(i) to shareholders shall be construed to refer to voting members or shareholders for the purpose of this section; and
(2)(b)(ii) to corporations shall be construed to refer to associations.