N.Y. Public Authorities Law 3318 – Defense and indemnification
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§ 3318. Defense and indemnification. The corporation shall not execute any of its powers, including the special powers authorized by section 3306 of this article, except as necessary to commence its corporate existence, until it has elected to make the provision of § 18 of the public officers law applicable to its employees (as such term is defined in § 18 of the public officers law) pursuant to subdivision two of such section; provided, however, that nothing contained within this § of the public officers law upon any independent contractor.
Terms Used In N.Y. Public Authorities Law 3318
- 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.
- 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