Louisiana Revised Statutes 45:1315 – Members of the board and persons acting on the corporation’s behalf, while acting within the scope of their duties or employment, shall not be subject to any personal liability resul
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Terms Used In Louisiana Revised Statutes 45:1315
- 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
Members of the board and persons acting on the corporation‘s behalf, while acting within the scope of their duties or employment, shall not be subject to any personal liability resulting from carrying out the powers and duties conferred on them by this Part and shall have the indemnification rights and shall be deemed covered individuals, as provided in La. Rev. Stat. 13:5108.1, with respect to such actions.
Acts 2007, No. 55, §3, eff. June 18, 2007; Acts 2021, No. 293, §4, eff. June 14, 2021.