Legislation
SECTION 56-A
Indemnification of members, officers and employees
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 3
§ 56-a. Indemnification of members, officers and employees. The state
shall save harmless and indemnify the respective members, officers and
employees of the agency and its subsidiary corporations pursuant to
section seventeen of the public officers law against any claim, demand,
suit or judgment arising by reason of any act or omission to act by such
member, officer or employee occurring in the discharge of his duties and
within the scope of his service on behalf of the agency or its
subsidiary corporations. In the event of any claim, demand, suit or
judgment based on allegations that financial loss was sustained by any
person in connection with the acquisition, disposition or holding of
notes, bonds or other obligations of the agency, a member, officer or
employee of the agency shall be saved harmless and indemnified
notwithstanding any limitations contained in such section seventeen,
unless such individual is found by a final judicial determination not to
have acted, in good faith, for a purpose which he reasonably believed to
be in the best interests of the agency or not to have had reasonable
cause to believe that his conduct was lawful. All of the provisions of
section seventeen of the public officers law which are not inconsistent
with this section shall apply to the members, officers and employees of
the agency or its subsidiary corporations, including the provisions
relating to the defense by the attorney general or private counsel of
any civil action and the payment of legal costs incurred in connection
with the defense of any such action. Any member, officer or employee of
the agency or its subsidiary corporations seeking to be saved harmless
or indemnified or to claim any other benefits available pursuant to this
section or section seventeen of the public officers law shall comply
with the procedural requirements of such section seventeen. As used in
this section the terms "member", "officer" and "employee" shall include
a former member, officer or employee, his estate or judicially appointed
personal representative.
shall save harmless and indemnify the respective members, officers and
employees of the agency and its subsidiary corporations pursuant to
section seventeen of the public officers law against any claim, demand,
suit or judgment arising by reason of any act or omission to act by such
member, officer or employee occurring in the discharge of his duties and
within the scope of his service on behalf of the agency or its
subsidiary corporations. In the event of any claim, demand, suit or
judgment based on allegations that financial loss was sustained by any
person in connection with the acquisition, disposition or holding of
notes, bonds or other obligations of the agency, a member, officer or
employee of the agency shall be saved harmless and indemnified
notwithstanding any limitations contained in such section seventeen,
unless such individual is found by a final judicial determination not to
have acted, in good faith, for a purpose which he reasonably believed to
be in the best interests of the agency or not to have had reasonable
cause to believe that his conduct was lawful. All of the provisions of
section seventeen of the public officers law which are not inconsistent
with this section shall apply to the members, officers and employees of
the agency or its subsidiary corporations, including the provisions
relating to the defense by the attorney general or private counsel of
any civil action and the payment of legal costs incurred in connection
with the defense of any such action. Any member, officer or employee of
the agency or its subsidiary corporations seeking to be saved harmless
or indemnified or to claim any other benefits available pursuant to this
section or section seventeen of the public officers law shall comply
with the procedural requirements of such section seventeen. As used in
this section the terms "member", "officer" and "employee" shall include
a former member, officer or employee, his estate or judicially appointed
personal representative.