186.086 Credit union may limit indemnification.
122 words·~1 min read·
/wi/chapter-186/186-086-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
186.086 Credit union may limit indemnification.
(1)Limitations. A credit union’s obligations to indemnify under s. 186.083 may be limited as follows:
(a)If the credit union is incorporated on or after June 13, 1987, by the articles of incorporation, including any amendments to the articles of incorporation.
(b)If the credit union was incorporated before June 13, 1987, by an amendment to the articles of incorporation which becomes effective on or after June 13, 1987, as provided under s. 186.35
(1), 2003 stats., or s. 186.02
(a).
(2)Limitation applicability. A limitation under sub.
(1)applies if the first alleged act of a director or officer for which indemnification is sought occurred while the limitation was in effect.