Oregon Statutes 707.758 – Indemnification of officers, employees and agents
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Unless a banking institution’s articles of incorporation provide otherwise:
Terms Used In Oregon Statutes 707.758
- 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
(1) An officer of the banking institution is entitled to mandatory indemnification under ORS § 707.748 and is entitled to apply for court-ordered indemnification under ORS § 707.754, in each case to the same extent as a director under ORS § 707.748 and 707.754.
(2) The banking institution may indemnify and advance expenses under ORS § 707.744 to 707.762 to an officer, employee or agent of the banking institution to the same extent as to a director. [1989 c.324 § 23; 1997 c.631 § 112]
[1985 c.786 § 22; renumbered 707.860 in 1989]