N.Y. Public Authorities Law 2350-T – Defense and indemnification
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* § 2350-t. Defense and indemnification. The agency shall not execute any of its powers 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 2350-T
- 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
* NB Repealed December 31, 2023