C-4.1 - Savings and Credit Unions Act

Full text
197. Every credit union shall assume the defence of any officer or any person who has acted in that capacity for the credit union and who is prosecuted by a third person for an act done in the performance of his duties and shall pay damages, if any, resulting from that act, unless he has committed a gross negligence or a personal fault separable from the performance of his duties.
In penal or criminal proceedings, however, the credit union shall assume the payment of the expenses of the officer or of the person who has acted in that capacity for the credit union only where he had reasonable grounds to believe that his conduct was in conformity with the law, or if he has been freed or acquitted or if the proceedings have been withdrawn or dismissed.
1988, c. 64, s. 197.