N.Y. Public Authorities Law 3417 – Defense and indemnification
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§ 3417. Defense and indemnification. The corporation shall not execute any of its powers, including the special powers authorized by section thirty-four hundred five of this article, except as necessary to commence its corporate existence, until it has elected to make the provisions 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 3417
- 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