§ 2571. Limitation of liability; indemnification. 1. The directors and officers of the corporation, and any person acting in its behalf while acting within the scope of their authority, shall not be subject to any personal liability resulting from carrying out any of the powers given in this title.

Terms Used In N.Y. Public Authorities Law 2571

  • 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

2. The provisions of § 17 of the public officers law shall apply to directors, officers, employees and agents of the corporation in connection with any and all claims, demands, suits, actions or proceedings which may be made or brought against any of them arising out of any determinations made or actions taken or omitted to be taken in compliance with any obligations under or pursuant to the terms of this title.

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