A nonprofit corporation may purchase and maintain liability insurance:
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Terms Used In Utah Code 16-6a-908
agent: include any person who, while serving the indicated relationship to the nonprofit corporation, at the nonprofit corporation's request, is or was serving as a director, officer, partner, trustee, employee, fiduciary, or agent of:
board of directors: means the body authorized to manage the affairs of a domestic or foreign nonprofit corporation. See Utah Code 16-6a-102
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.
Director: includes , unless the context requires otherwise, the estate or personal representative of a director. See Utah Code 16-6a-901
domestic nonprofit corporation: means an entity that:
Employee: includes an officer of a nonprofit corporation. See Utah Code 16-6a-102
Fiduciary: A trustee, executor, or administrator.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Liability: means the obligation incurred with respect to a proceeding to pay a judgment, settlement, penalty, or fine, including:
(a)
an excise tax assessed with respect to an employee benefit plan; or
Nonprofit corporation: includes any domestic or foreign entity that is a predecessor of a nonprofit corporation by reason of a merger or other transaction in which the predecessor's existence ceased upon consummation of the transaction. See Utah Code 16-6a-901
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.
United States: includes a district, authority, office, bureau, commission, department, and another agency of the United States of America. See Utah Code 16-6a-102
(a)
on behalf of a person who:
(i)
is or was a director, officer, employee, fiduciary, or agent of the nonprofit corporation; or
(ii)
while serving as a director, officer, employee, fiduciary, or agent of the nonprofit corporation at the request of the nonprofit corporation, is or was serving as a director, officer, partner, trustee, employee, fiduciary, or agent of:
(A)
another foreign or domestic nonprofit corporation;
(B)
other person; or
(C)
an employee benefit plan; and
(b)
against liability asserted against or incurred by the person in that capacity or arising from the person’s status as a director, officer, employee, fiduciary, or agent, whether or not the nonprofit corporation would have power to indemnify the person against the same liability under Section 16-6a-902, 16-6a-903, or 16-6a-907.
(2)
Insurance may be procured from any insurance company designated by the board of directors, whether the insurance company is formed under the laws of this state or any other jurisdiction of the United States or elsewhere, including any insurance company in which the nonprofit corporation has an equity or any other interest through stock ownership or otherwise.
