N.Y. Public Authorities Law 3618 – Defense and indemnification
Current as of: 2024 | Check for updates
|
Other versions
§ 3618. Defense and indemnification. The corporation shall not execute any of its powers, including the special powers authorized by section thirty-six hundred six of this title, except as necessary to commence its corporate existence, until the town by local resolution has elected to make the provision of § 18 of the public officers law applicable to employees of the corporation (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 3618
- 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