215.512 Definitions applicable to indemnification and insurance provisions.

338 words·~2 min read·/wi/chapter-215/215-512-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

215.512 Definitions applicable to indemnification and insurance provisions. In ss. 215.512 to 215.521 :

(1)“Director or officer” means any of the following:

(a)A natural person who is or was a director or officer of a mutual association.

(b)A natural person who, while a director or officer of a mutual association, is or was serving at the mutual association’s request as a director, officer, partner, trustee, member of any governing or decision-making committee, manager, employee or agent of another mutual association or foreign association, corporation, limited liability company, partnership, joint venture, trust or other enterprise.

(c)A natural person who, while a director or officer of a mutual association, is or was serving an employee benefit plan because his or her duties to the mutual association also imposed duties on, or otherwise involved services by, the person to the plan or to participants in or beneficiaries of the plan.

(d)Unless the context requires otherwise, the estate or personal representative of a director or officer.

(2)“Expenses” include fees, costs, charges, disbursements, attorney fees and any other expenses incurred in connection with a proceeding.

(3)“Liability” includes the obligation to pay a judgment, settlement, forfeiture, or fine, including any excise tax assessed with respect to an employee benefit plan, plus costs, fees, and surcharges imposed under ch. 814 , and reasonable expenses.

(4)“Mutual association” means a mutual savings and loan association organized under this subchapter and any domestic or foreign predecessor of the mutual association where the predecessor mutual association’s existence ceased upon the consummation of a merger or other transaction.

(5)“Party” means a natural person who was or is, or who is threatened to be made, a named defendant or respondent in a proceeding.

(6)“Proceeding” means any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the mutual association or by any other person.