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Cooperative Credit Associations Act

Version of section 217 from 2003-01-01 to 2006-04-26:


Marginal note:Directors’ and officers’ insurance

 An association may purchase and maintain insurance for the benefit of any person referred to in section 216 against any liability incurred by the person

  • (a) in the capacity of a director or an officer of the association, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the association; or

  • (b) in the capacity of a director or an officer of another entity where the person acts or acted in that capacity at the association’s request, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.


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