Sec. 4.1. (a) The provisions concerning indemnification of directors set forth in IC 28-13-13 shall apply to savings banks formed before January 1, 1993.

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Terms Used In Indiana Code 28-6.1-4-4.1

  • 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
     (b) In the application of IC 28-13-13 to a savings bank formed before January 1, 1993, references in IC 28-13-13 to “directors” and “the board of directors” shall be treated as referring to the trustees and the board of trustees of the savings bank.

As added by P.L.122-1994, SEC.97.

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